The sharp downside move confirms that the metal is indeed trading in the bearish C wave, and currently returned around 35.00 areas, the critical barrier over intraday basis for today. The four-hour closing below this level will extend the downside move, and that is what we expect indeed for silver today to continue the bearishness depending on the Elliot scenario shown above.
The trading range for today is among the key support at 34.50 and key resistance now at 38.90.
The short-term trend is to the downside targeting 26.65 as far as areas of 48.50 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is selling silver around 35.65 and take profit in stages at 34.80, 33.90, 33.05 and stop loss with daily closing above 36.35 might be appropriate|