Silver lower high bottom in december 2016?
Updated
I think silver is on its way to confirm the bottom that was set in december 2016. I don't think that is quite confirmed yet because silver is sill ranging in the downward trend since the peak in 2016-07-04. But I can see two potential inverse head and shoulder come into play.
First play: If silver closes over 17.20 these three coming trading days, I would expect a fast run to 18.50 before any resistence (won't be looking for any trades here since no PA). But I will look to short at 18.50 if opportunity occurs. And after 18.50 is reached I will expect a correction to 17.10 since its the breakout line, right shoulder and the 50% fib correction level from the bottom (16,62-18,50).
Second play: If the silver decides to have its correction now I will be looking to long at 16.20 level because of the potential right shoulder (will need PA to confirm though).
First play: If silver closes over 17.20 these three coming trading days, I would expect a fast run to 18.50 before any resistence (won't be looking for any trades here since no PA). But I will look to short at 18.50 if opportunity occurs. And after 18.50 is reached I will expect a correction to 17.10 since its the breakout line, right shoulder and the 50% fib correction level from the bottom (16,62-18,50).
Second play: If the silver decides to have its correction now I will be looking to long at 16.20 level because of the potential right shoulder (will need PA to confirm though).
Note
There was a nice price action bar at 2017-01-30 but I missed it, I think that silver will be making a huge bullrun this year. Looking for the next opportunity to jump in.
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