Long Term BUY for SILVER (ELLIOT WAVE THEORY)
HAPPY NEW YEAR TRADERS. Let's hope for a succesfull, profitable year ahead.
MAJOR TIMEFRAME
For SILVER (XAGUSD) I believe we are in a corrective structure after a 5 waves move down. The corrective structure seems to be unfolding as a ZIG-ZAG. Within the ZIG-ZAG structure we seem to be in wave C. We seem to have completed WAVE A and WAVE B and now looking for further bullish movement for wave C to complete the Zig-zag.
MINOR TIMEFRAME
For wave C, we are expecting it to unfold in a 5 wave up Structure. We seem to be in wave 1 of the 5 expected waves up for the C wave of the ZIG-ZAG. Within the WAVE 1 we seem to be In its WAVE 2. We shall see further bullish movement to complete the major WAVE 1 before some retracement for major WAVE 2.
INVALIDATION LEVEL
The Invalidation level set for now is based on the completion of Wave B. However in the event wave B isn't completed price may still break the lows one more time before starting bullish movement for WAVE C. However i am still BULLISH for SILVER in the LONG TERM.
MAJOR TIMEFRAME
For SILVER (XAGUSD) I believe we are in a corrective structure after a 5 waves move down. The corrective structure seems to be unfolding as a ZIG-ZAG. Within the ZIG-ZAG structure we seem to be in wave C. We seem to have completed WAVE A and WAVE B and now looking for further bullish movement for wave C to complete the Zig-zag.
MINOR TIMEFRAME
For wave C, we are expecting it to unfold in a 5 wave up Structure. We seem to be in wave 1 of the 5 expected waves up for the C wave of the ZIG-ZAG. Within the WAVE 1 we seem to be In its WAVE 2. We shall see further bullish movement to complete the major WAVE 1 before some retracement for major WAVE 2.
INVALIDATION LEVEL
The Invalidation level set for now is based on the completion of Wave B. However in the event wave B isn't completed price may still break the lows one more time before starting bullish movement for WAVE C. However i am still BULLISH for SILVER in the LONG TERM.
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