slicedmelon

slicedmelon

Hi all, So we are looking at another move up this week from silver to get past the 17.62 resistance. There is some resistance around the 17.60 to 17.70 area so be prepared for some sideways trading. If you see something like a staircase type setup in to that area you know it will pull back to the last support area which should be 17.60 where it should bounce...

slicedmelon

Hi all, So I have two 1-2 counts from the low at 15.63370.. the yellow number and the purple number. This doesn't include the blue one yet.. Silver is indicating that from that last impulse wave it has confirmed a bullish outlook. That purple colour support at 16.63 had me worried a bit. So the most likely direction for this is a move up and I anticipate a...

slicedmelon

Hi all it is a big guess which way it will go I have counts going both ways - (favouring bears at the moment).. better to just wait.. for all this to blow away..

slicedmelon

Hi All, I really didn't explain why long is now possible. This is due to the small 3 wave retracements that you can count on the 15m chart... This leads me to think that there will be either: 1) a B wave retrace for a short setup 2) or we should see some big impluse waves to the upside for a 3rd wave 3) we go up for a 4th wave to complete a 5th wave lower......

slicedmelon

Hi All, I have been looking at the larger picture and the analysis favours a long. The stops should be below: 16.60 or for longer term traders stops should be below: 15.67 If I didn't count it wrong we are in the 3rd of the 3rd of the 3rd of the 3rd and generally it means a big move.. to the upside if the counts are right.. - nobody can know if it would until...

slicedmelon

Hi All.. To trade this safely we really need to know if the next move up is a 3 wave structure or a 5 wave structure. This prolonged drop seems to indicate that this is a C wave however it could conclude as a 5 wave structure and we can eventually short in at the retrace.. There are concerns now with the bullish counts - if the current drop is a minor 2 wave...

slicedmelon

Hi all, The continuation of the 4 and 5 wave structure is now highly unlikely it hit the invalidation level (where wave 1 overlaps with wave 4) Based on the rules of equality where A = C the purple line at 17.155 is where C is likely end if this is and ABC wave where the Blue 1 and Blue 2 is still possible (most bullish count) Additionally we can still include...

slicedmelon Updated 

Adding more bearish counts in and potentially a new more bullish count..

slicedmelon

Hi all, We are still waiting for the correction / impulse wave to finish.. to determine if it is a bearish turn or a retracement. Because of that last impulse wave down we cannot discount that this whole move is bearish. The count can also be counted as another 1 and 2 because the current count just doesn't look like a 4th wave..... Just sit it out and wait...

slicedmelon

Hi .. just keeping up to date with the count still.. No trades right now.. all corrective still...

slicedmelon

Hi all, Theory test for evidence now.. so I went through and tried to count all the small tiny waves. Here is my chart count.. The suggested trade numbers: Long on break of 18.00 on C after the 5th wave.. Seeing that we are at 18 .. safe trade is to wait for support above 18 . According to my count it seems like the fall was a very fast c wave. Shorts.....

slicedmelon

This caught me a little by surprise on how big the drop is and how fast it did it. However not all is lost. On a 4h chart - I cheated a little by removing all the smaller counts to make it less auditable on the bigger count. So of the entire move from the bottom 15.60 to the current top at around 18.40 I have mapped the most likely Wave 4 retracement area. ...

slicedmelon

The counts has become increasingly complex for my amateur skill. To keep it rather simple: Stops BELOW 18.20 - not AT... you want to be BELOW Current picture: Trendline support is proving useful for the trade, so far the impulsive moves are small hence this feels like a snail crawling up a slope. Be patient the bigger picture shows we are in a 3rd wave and the...

slicedmelon Updated 

As always - if in the channel stay long with your stops a few point below the trendline. It looks like silver is going in for a retracement. We have found support on the middle trendline so far. Silver is still a buy the dips trade unless it breaks below 17.. the long trades in silver looks healthy at the moment with nice pull backs and impulse...

slicedmelon

Stay long in the channel .. this pattern looks like a bull flag which tends to break up wards. Stops can be moved up to just BELOW 18.20 as that is the last 4th wave now.. best to keep it under the trend line if you can .. Invalidation is a break of 17.913 Safe trading everyone.

slicedmelon

The 4th wave there is overlapping the first wave a little (breaks the rules).. however for the purpose of this count lets just accept that it is the fourth wave.. on retrace it should go back to the trendline to test it again and the blue arrow should be the first of the more powerful moves up. Stops should be below the trendline - and should give it some over...

slicedmelon

As long as we have support over the trend line .. trade LONG .. you should keep your stops BELOW 17.9 which is the invalidation of this count. If it gets to the blue arrows .. be a little careful

slicedmelon

Consolidated move sideways.. trade carefully and best not to trade at all..