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The internal third wave of the bigger third wave of the IM has extended sharply. This formation is following a Zig Zag formation but let us make it simple since we believe that the metal will fluctuate with a tendency to the downside then it will move higher. Anyway, the bearishness is still in favor but we prefer staying aside today as silver has reached all the suggested technical targets during this week, noting that risk versus reward ratio is too high and we also need to confirm the count over intraday basis.
The trading range for today is among the key support at 31.00 and key resistance now at 39.15.
The general trend over short term basis is neutral until we see how the price will behave around 42.05-42.30 during this week.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|