Long

Beyond the Horizon: Finally unleashing the Silver Revolution!

Updated

Silver

Let's take a closer look at Silver, a precious metal known for its notable volatility compared to Gold. Initiating our count post the COVID fall, a swift Wave (1) movement unfolded, followed by an extensive Wave (2) correction featuring a Flat pattern and subsequently a Zigzag for Wave (2). The completion of Wave (2) occurred around $17.55, with the high of Wave (1) standing at $29.86.

Subsequently, a somewhat peculiar Wave 1 emerged, set to conclude soon with a Wave 2. Zooming in from the daily to the 2-hour chart, after our minor Wave 1, we encounter a complex correction structure. This is anticipated to be an overarching Flat correction with Waves ((a)), ((b)), and ((c)). Notably, during Wave B, nearing $25.9, we approached nearly 100% of the Wave 1 level.
Now, we are poised to observe the downward correction for the completion of Wave 2. As Wave ((a)) is formed by a Triangle, ((b)) is nearly exact the 100% level of wave 1, it's plausible that Wave ((c)) could similarly reach around 100% of level ((a)).
Hence, projecting a retracement between 61.8% and 78.6%, we expect support between $20.75 and $19. This is the range where a potential rebound is anticipated.

Note

Still a little bit early for a confirmation, but we are moving in the right direction so far. We have just to be patient.

Note

As expected we are slowly approaching our target area between the two fibonacci levels at $20.746 and $19.342 for our bullish scenario. But we still have to wait for a couple of days or even weeks. We will keep you updated

Note

Silver #XAGUSD

Silver, like gold, has left the bearish chart or scenario behind and is now in the alternative scenario, which we are adopting as our main scenario. It suggests that we were dealing with an alternative Wave ((ii)) and have already completed Wave 2 at our initially assumed Wave ((a)). If we look at the whole picture, it's quite clear that we've invalidated the short-term, bearish scenario upwards. Therefore, we expect a further rising silver price, which should break far beyond the $26 mark. We will look to find possible new entry points in the coming weeks to capitalize on potentially rising silver prices.

Note

As expected, silver has continued to rise since we last reviewed it. We strongly believe we are experiencing an upward movement, especially since our bearish scenario was invalidated. We also think that we might see a continuation of this uptrend, or perhaps the completion of Wave (iii) soon, though this remains to be determined. We've now reached the 227.2% extension level, and while we could surpass it, the first signs of weakness on the daily chart suggest we might soon encounter Wave (iv). If that's the case, we'll start looking for entry points. However, we won't place a limit order just yet due to the potential for rapid movement. Once we're more certain on the higher timeframe, we'll switch back to a shorter timeframe to better identify entry points.

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