Silver: Expecting one short position
Updated
Talking Point:
Technical Strategy: Turning Bearish
Elliottwave View: Progressing wave (C) of c.
Analysis
Silver was trading sideway and is on long term down trend. However, recover from 13.91 looks promising. We had impulse leg up and current move from 20.96 is correcting this move. We were expecting correction over 17.04. But current move on lower timeframe is not suggesting any good sign of bulls.
Action
We are prefer to short this pair for target 16.30 area with very limited stoploss.
-- By hoagtrading (Hoagtrading.com)
Technical Strategy: Turning Bearish
Elliottwave View: Progressing wave (C) of c.
Analysis
Silver was trading sideway and is on long term down trend. However, recover from 13.91 looks promising. We had impulse leg up and current move from 20.96 is correcting this move. We were expecting correction over 17.04. But current move on lower timeframe is not suggesting any good sign of bulls.
Action
We are prefer to short this pair for target 16.30 area with very limited stoploss.
-- By hoagtrading (Hoagtrading.com)
Trade active
Trade Initiated: As price moved upward and tested channel, we are calling correction over and starting up shorting position.
-- By Hoagtrading.com (Twitter: @Hoagtrading)
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