Silver into the resistance zone..
Good morning everyone hope you are well.
So Silver made it to one of the resistance zones here at 16.8, I do expect that it may stay at this price for a few days .. which it has done for the last 2 days. What is important to note is that it doesn't fall.
On my interpretation of the elliot count I am looking for some sort of corrective action starting around 17.35.
As waves go the 5th wave is generally equal in length and time to the 1st wave so I have drawn a little purple line showing that distance. This is a rough rule not a 'LAW' .. it may end earlier it may end higher.
On the correction from 17.35 - price should fall to the previous wave 4 which is at 16.52 or there abouts..
Now if price accelerates and breaks the trend line in the 17.45 area.. do not short .. wait for price to settle on top of that trendline and that may be a great place to place a long.
Now if pirce falls - you should start being short from 16.2ish.. I think in terms of falls with USD being so weak it may be a bear trap.
Trade carefully be vigilant and remember price goes up and down .. don't get stuck on a position when price moves the other way ... instead of making reasons why it moves against you - follow it... everything said about manipulation etc etc (may be all true) but if you are on the right side you are still going to make money. Price does not need justification. It moves however, whenever, whatever.
Last bit of the rant - if you guys are CFD'ing seriously use small amounts - it is always the greed that ruins you.
So Silver made it to one of the resistance zones here at 16.8, I do expect that it may stay at this price for a few days .. which it has done for the last 2 days. What is important to note is that it doesn't fall.
On my interpretation of the elliot count I am looking for some sort of corrective action starting around 17.35.
As waves go the 5th wave is generally equal in length and time to the 1st wave so I have drawn a little purple line showing that distance. This is a rough rule not a 'LAW' .. it may end earlier it may end higher.
On the correction from 17.35 - price should fall to the previous wave 4 which is at 16.52 or there abouts..
Now if price accelerates and breaks the trend line in the 17.45 area.. do not short .. wait for price to settle on top of that trendline and that may be a great place to place a long.
Now if pirce falls - you should start being short from 16.2ish.. I think in terms of falls with USD being so weak it may be a bear trap.
Trade carefully be vigilant and remember price goes up and down .. don't get stuck on a position when price moves the other way ... instead of making reasons why it moves against you - follow it... everything said about manipulation etc etc (may be all true) but if you are on the right side you are still going to make money. Price does not need justification. It moves however, whenever, whatever.
Last bit of the rant - if you guys are CFD'ing seriously use small amounts - it is always the greed that ruins you.
Feragatname
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