Silver has been on a parabolic trajectory for the past several weeks to few months. Silver is definitely in a long term bullish setup however I predict a correction before this resumes.
Elliott Wave Analysis:
VERDICT: Silver to reverse imminently, short position opened with targets being the fibonacci levels. Will hold the position through the short/mid-term and be prepared to long the dip.
- Extreme RSI Levels showing overbought on multiple time-frames
- Bearish RSI Divergence on the hourly timeframes (1H/2H/3H/4H)
- Bearish Ascending wedge break-out and retest
- Local 1H price action lower highs (respecting down-trend line)
- Daily/Weekly Stochastic cross-over at overbought threshold
- Elliott wave 1-2-3-4-5 completion, A-B-C correction waves expected
Elliott Wave Analysis:
VERDICT: Silver to reverse imminently, short position opened with targets being the fibonacci levels. Will hold the position through the short/mid-term and be prepared to long the dip.