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Large TF:
The global trend of silver is directed to the "south" of the price field. The last wave construction of the daily scale in the last 3 years shifts the price towards the main trend. Since last fall, a corrective expansion has been developing within its framework.
Small TF:
The bullish wave pattern is formed from September 4. In its structure, from the beginning of the current year, a correctional part is formed in the form of a stretched plane.
Forecast and recommendations:
The wave algorithm indicates the imminent completion of the current depreciation of silver. The most expected reversal zone is settlement support, where traders are advised to track the reversal and long entry signals.
Resistance zones:
- 16.20 / 16.50
Support areas:
- 14.80 / 14.50
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
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