Silver could be bottoming
Silver has been slowing down for the last three months, but drop on 4h time frame is in three waves A-B-C, which indicates for a corrective decline within higher degree wave IV. It’s now potentially finishing final subwave (5) of C at 26,50 – 26,00 strong and key support area. If we get sharp or five-wave impulsive recovery back above 29,22 first bullish evidence level, then it can easily send the price back to highs for wave V.
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On the intraday basis silver nicely spiked into final wave 5 of a lower degree impulse within wave (5) of C as expected, from where we may now see bulls back in the game, but we still need sharp or impulsive five-wave recovery to confirm a bullish reversal.
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On the date of publication, Gregor Horvat did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.