Silver May Face More Weakness After A Corrective Rally

Silver is making sharp reversal down from recent highs, even breaking a lower trendline support of an ending diagonal which is an important indication for a top in place. As such, we are aware of much lower prices, maybe even back to the start of a diagonal at around 27/28 as drop from 4h time frame has an impulsive bearish structure into wave A/1.

But we see some bounce now that can be an A-B-C irregular/expanded flat correction into wave B/2, where subwave (C) can be now in progress. Resistance is then around 31.60-33 area, and from where we will have to be aware of further weakness within wave C or 3.

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Silver is at the resistance, be aware of a drop.

Note

Its turning down from key resistance. Wave 2/B done, now room for 29 and lower.

Note

Keeps moving down, breaking the swing lown, room for 27.

ew-forecast

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