In our previous analysis about the silver market, we have mentioned about the possible end of the ABC correction. We described it as a running correction where wave C consists of 5 fives. As a consequence, the market seemed to be ready to create another impulse wave which occurred at the of the previous week and today.
From the technical point of view if the previous top is broken the market may move to 161,8 Fibo expansion or even to 261,8 Fibo expansion at 31 or 35 USD per ounce. What is more, the line drawn through the tops was also broken which may indicate the strength of the trend. It seems that only a move below that line may show the weakness of the bulls.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
From the technical point of view if the previous top is broken the market may move to 161,8 Fibo expansion or even to 261,8 Fibo expansion at 31 or 35 USD per ounce. What is more, the line drawn through the tops was also broken which may indicate the strength of the trend. It seems that only a move below that line may show the weakness of the bulls.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
