UPDATE
Just noticed a strong support line passing through ~19.50 level and can not be ignored as all commodities react strongly to such trendlines. A good trade would be to long at trendline with minimum stop. If stopped out, earlier weekly analysis holds true.
Week of
31st Mar
Note : Some Elliotticians believe this wave should end around 19.12 but 1.618% retracement of Wave A comes to around 19 239 and it should end there. A prudent trader would book shorts at 19.239 and confirm if it wants to go down to 19.12 before going long.
It was a wrong count. It was mentioned in the post of Gold that both were showing different directions and that one of the two could be wrong. Unfortunately it was this count.
Silver is at strong resistance and can be traded for upside on breakout.
Just noticed a strong support line passing through ~19.50 level and can not be ignored as all commodities react strongly to such trendlines. A good trade would be to long at trendline with minimum stop. If stopped out, earlier weekly analysis holds true.
Week of
31st Mar
Note : Some Elliotticians believe this wave should end around 19.12 but 1.618% retracement of Wave A comes to around 19 239 and it should end there. A prudent trader would book shorts at 19.239 and confirm if it wants to go down to 19.12 before going long.
It was a wrong count. It was mentioned in the post of Gold that both were showing different directions and that one of the two could be wrong. Unfortunately it was this count.
Silver is at strong resistance and can be traded for upside on breakout.
For those trading SILVER pl go thru the conv in the link. RE http://t.co/VYMcUlLqbd
— EWite (@Stocktechy) March 15, 2014
@bizagra In the beginning if Wave 5 same sharp dn move was seen. pic.twitter.com/YxCmE2Anvd
— EWite (@Stocktechy) March 14, 2014
SIX more candles for a blast.
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