SILVER Elliott Wave
This week silver was trading upwards, corrective wave (4) (coloured red) of the bigger wave 5 (coloured purple) was developing. Yesterday, during the Asian and European sessions, we could observe a descending movement from 29.30 towards the 29.04 level. Therefore, during the New York session, this commodity has continued trading in a bearish mood and the price reached a new daily low at 28.84 level. We can consider this movement as the end of the wave (1) (coloured green) of the bigger (5) wave (coloured red). At the moment Silver is trading around 28.90 level and we are expecting to see price around 28.20 very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 28.20 (161.8% of wave 1). To reduce the risk, we can use invalidation at 29.44 level (end of 4 wave) as stop loss.
Support and Resistance
(S3) 28.178 (S2) 28.522 (S1) 28.753 (PP) 29.097 (R1) 29.328 (R2) 29.672 (R3) 29.903
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 28.80 with stop loss 29.44 and take profit at 28.2 are recommended.
Nicola Delic is taking part in the “Analyst of the Year” award organi ed by MT5.com portal. If you like his article, please vote for him.
| ||
Performed by Nicola Delic, Analytical expert InstaForex Group © 2007-2013 |
SILVER Analysis for February 28, 2013
No comments:
Post a Comment