SILVER - Playing Out Perfectly!
In our last analysis we identified the picture perfect higher timeframe impulse schematic.
We were nearing the end of wave 3 and was anticipating the wave 4 correction to appear.
We now have the wave 4 correction and we are halfway through it.
On lower time we can see that we're in the midsection of the ABC correction for wave 4. We've completed wave A and now we're in Wave B. See below:
We're looking for one more move up to complete wave B (blue move) and then one final move down for Wave C (red move). See below:
Trade Idea: Blue Move (LONG)
For the blue move, we can take a short term entry on break of the trendline and actively manage positions until we're at the local highs.
Trade Idea: Red Move (SHORT)
We'll be looking for a trendline break once we've completed the blue move. Profit taking area for the shorts will be in the buy zone where we'll be preparing ourselves for the next swing opportunity.
Goodluck and as always, trade safe!
We were nearing the end of wave 3 and was anticipating the wave 4 correction to appear.
We now have the wave 4 correction and we are halfway through it.
On lower time we can see that we're in the midsection of the ABC correction for wave 4. We've completed wave A and now we're in Wave B. See below:
We're looking for one more move up to complete wave B (blue move) and then one final move down for Wave C (red move). See below:
Trade Idea: Blue Move (LONG)
For the blue move, we can take a short term entry on break of the trendline and actively manage positions until we're at the local highs.
Trade Idea: Red Move (SHORT)
We'll be looking for a trendline break once we've completed the blue move. Profit taking area for the shorts will be in the buy zone where we'll be preparing ourselves for the next swing opportunity.
Goodluck and as always, trade safe!
Want more chart ups like this? Click the links below:
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
Forex: t.me/Wicktator
Crypto: t.me/Crypto_Wick
Forex VIP: t.me/WicktatatorVIP_bot
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.