Silver - longer term targets is on the buy side.
Hi all silver daily chart,
Just a heads up I am going to be going on holidays for a month from next week! :D eating and getting fat and all that.. so I won't be doing any posts in April most likely.
Current situation - is very bullish. My suggestion for trades is to keep long even when I indicate neutral it is just so that the stops are kept a little further away.. the direction so far is bullish.
So I have mapped out some areas where you can see where all the trendlines are intersecting. Those areas are generally a good indication of the movement .. above means long below means short.
SILVER PRICE TARGET
From my analysis 2-3 months of trading silver price should go to around 19.82 which is 1.618 of the price action of the rally beginning at YELLOW 2.
then
Retest of 18.90 or 19 before trying out 20.40.
Our count is starting with the RED 1, 2, 3, 4, 5
The RED box signifies the near term resistance that we know is at 18.30 to 18.50 this has a potential to kick price much lower.
The GREEN box signifies the danger area where you should let price explore without you taking any trades.
The YELLOW box is the area where the 4th wave retrace is going to be approximately land and test and most likely break that purple trendline.. before moving up for the 5th wave ..
I have put an ideal straight line chart .. but of course all of you know this is just an indication of price targets .. this is not the exact way the market moves.
Good luck trading always look for support before entering a trade and keep your stoplosses well away :D
Just a heads up I am going to be going on holidays for a month from next week! :D eating and getting fat and all that.. so I won't be doing any posts in April most likely.
Current situation - is very bullish. My suggestion for trades is to keep long even when I indicate neutral it is just so that the stops are kept a little further away.. the direction so far is bullish.
So I have mapped out some areas where you can see where all the trendlines are intersecting. Those areas are generally a good indication of the movement .. above means long below means short.
SILVER PRICE TARGET
From my analysis 2-3 months of trading silver price should go to around 19.82 which is 1.618 of the price action of the rally beginning at YELLOW 2.
then
Retest of 18.90 or 19 before trying out 20.40.
Our count is starting with the RED 1, 2, 3, 4, 5
The RED box signifies the near term resistance that we know is at 18.30 to 18.50 this has a potential to kick price much lower.
The GREEN box signifies the danger area where you should let price explore without you taking any trades.
The YELLOW box is the area where the 4th wave retrace is going to be approximately land and test and most likely break that purple trendline.. before moving up for the 5th wave ..
I have put an ideal straight line chart .. but of course all of you know this is just an indication of price targets .. this is not the exact way the market moves.
Good luck trading always look for support before entering a trade and keep your stoplosses well away :D
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