Update on Silver After AB=CD Completion
You may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today.
AB=CD Bearish Completion?
The 38.2% Fibonacci retracement ratio continues to call for attention for those long the AB=CD pattern as the initial upside objective. Should silver continue to be bid from current price, the 38.2% ratio actually converges closely with a 100% projection ratio at $27.99, which represents an AB=CD bearish formation. Were further upside to be seen beyond these levels, attention will likely be drawn to the 61.8% Fibonacci retracement ratio at $28.60, a level that shares chart space with a 1.618% Fibonacci projection ratio at $28.64, an ‘alternate’ AB=CD bearish formation.
AB=CD Bearish Completion?
The 38.2% Fibonacci retracement ratio continues to call for attention for those long the AB=CD pattern as the initial upside objective. Should silver continue to be bid from current price, the 38.2% ratio actually converges closely with a 100% projection ratio at $27.99, which represents an AB=CD bearish formation. Were further upside to be seen beyond these levels, attention will likely be drawn to the 61.8% Fibonacci retracement ratio at $28.60, a level that shares chart space with a 1.618% Fibonacci projection ratio at $28.64, an ‘alternate’ AB=CD bearish formation.
Related publications
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.