Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- The flag pattern, then Gartley scenario was on point as we see the exact scenario proposed in the previous post materialize.
- Now we are rallying, towards the 34.30 high, but the momentum seen in the 1H chart is still bearish. If it rises above 60, it would be an early sign that the bearish momentum is gone, then if it breaks above 70, we should be seeing the market also testing or breaking the 34.30 high.
-The 4H chart shows a clear 2 swing (3 wave down), which could be a completed retracement pattern in the Elliott Wave model as well as the harmonic pattern model of a gartley.
- If the market fails to break towards 34.30 to start next week, we can see further correction towards the 31.00-31.22 pivot zone.
- However, if the market rallies above the 34.30 high, we should resume the uptrend towards 36.00.
Will the Silver resume the uptrend next week, or will it need further correction? We would love to hear what you think.
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