XAGUSD : Long Term Buy Setup at $15.3
Updated
Amid all bottoming speculations and Rate Hike in 2016. Gold and Silver gave tough time to the Bull Speculators at end of the year by diminishing the bull story for almost 80%. For EW, it was expected, though it was quickfall even for them.
I believe a long term traders should try to take small chunk of buy at $15.3 where I see the possible bottoming. I expect the Corrective pullback (wave 4) towards $23.350. Which is almost 8$ rally. This is best possible trade for 2017 for any precious metals. I expect this to finish by at least end of 2nd qtr.
I will Keep posting on lower TF time to time whenever required or you ask me to do it.
Note : (c) of ABC could be extensive (618 fib) towards bottom, so plan and trade wisely with suitable money management.
I believe a long term traders should try to take small chunk of buy at $15.3 where I see the possible bottoming. I expect the Corrective pullback (wave 4) towards $23.350. Which is almost 8$ rally. This is best possible trade for 2017 for any precious metals. I expect this to finish by at least end of 2nd qtr.
I will Keep posting on lower TF time to time whenever required or you ask me to do it.
Note : (c) of ABC could be extensive (618 fib) towards bottom, so plan and trade wisely with suitable money management.
Comment
After doing bit more due diligence, I think I have refined my thoughts. We have to take previous bottom in calculation before we make entry. I would suggest to accumulate this metal in small parts, confirming step by step. My more refined counts.Comment
Following this chart
Trade closed: target reached
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