Morning Report

Silver collapsed, reaching our first detected technical target at 17.75 zones. Now, having a look at the internal count of the suggested [C] wave of the proposed Elliott cycle will prove that, a slight correction is underway towards 18.18 zones to form the forth wave before resuming the bearishness towards 17.10 in order to complete the sequence. The secondary image of the daily basis confirms our negative overview.

The trading range for today is among the key support at 17.10 and key resistance now at 18.95.

The general trend is to the upside as far as 12.45 remains intact with targets at 20.15.

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RecommendationBased on the charts and explanations above our opinion is, selling silver from 18.15 targeting 17.45 and stop loss above 18.65 might be appropriate.