SLV 21.18 Target
The daily SLV sold off in a nice 5 wave pattern down, reaching the MTPredictor minimum wave 5 target. A red high volume VSA spike came in at the low in wave 5. When this is followed by a blue buyers candle it is an indication that professionals are stepping in and buying. If, in fact, professionals are buying, then the move up should not be a small one. A DP buy signal was given at this level to take advantage of this and the tendency is that it will correct back , at a minimum, to the wave 4 Decision Point. If the wave 4 DP holds as resistance, then the tendency is that the trend that was in place prior should continue. If, however, the wave 4 DP is exceeded, the tendency is that the whole 5 wave pattern down will be erased to the upside with the target being a DP off of the start of the wave 1. That puts the current target for this continuation move up to 21.18.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.