Sell the Pullback???
My expectation from my former analysis did not occur - but my exspectation of my analysis "On its way down
" is right again.
The shortterm downtrend broke and silver jumped to it s breakout Level @ 15.40$ again. This Niveau is corresponding to the Minimum correction fibo 38,2 Level .
This is the MoB or the Level to watch!!!
view: Should silver enter the old trading box between 15,4- 17,4, the swing target should be the upper edge of the box @ 17,4$. This target is only active if silver can trade above the moving averages (yellow oval)
On this way up, several resists appear. Here are based the sma&ema 200, paired with the Maximum correction fibo Level 61,8 @ 16.3$. These Levels are possible Turnaround or Levels. (Grey arrows)
view: The main trend wins the fight, so the resist @ 15.4 can not be taken out of the market. A dip to the former low @ 14,3 should be exspected.
Trading under that low will initiate a selloff with target 12,5
On its way down
The strong support @ 15,35-15,5 did not hold - the sellout began. The exspected rebound to the breakoutlevel @ 15,5 also appeared (have a look @ my former analyis comments). At the moment the ultrashortterm downchanel is still present and dominant. the longtermtarget @ 12,5 is still active.
Prices above 15,5 make the chart again
Will the support hold or will we see a sellout?
Will the support hold and the be triggered and bought?
If yes, then the shortterm target @ the upper side will be @ EMA200 @ 16,8$.
If the strong support @ 15,35-15,50 does not hold, a fast sellout with worst case target @ 12$ could appear.
But at the Moment the CRV for Longs is phantastic. i drawed a possible Long Position into the Chart..i don`t trade it!
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