Simple Moving Average(
) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and
Multiple Time-frame Analysis
Weekly Silver Update - A Correction Swing
Targets 36.40-36.50 (3/25)
Short to Medium Term
- Silver reached the
, as anticipated Friday. The 1H chart shows the market bouncing
with a strong attempt suggested by the strong 1H candle before
the current candle was spooked at
. Although we anticipated the support level correctly, it does
not necessarily mean the market will rally from here.
- We need to see the market break above the
pivot to consider the bullish continuation. A break below
targets a lower pivot at
- a break above
can switch the anticipation towards the bullish attempt.
- The 4H chart shows the bullish targets. 161.8% fibonacci
extension (of the decline from
) is at
. The daily chart shows that this is also a swing projection.
- The 200% extension, at
, is also near another swing projection to
. These are the bullish targets if a break above
can be confirmed. 1) a throwback that fails to break back below
. 2) 1H RSI break above 70. 3) 4H chart back above 60 (preferably
also above 70).
- Also monitor the
high to provide some temporary resistance on the way to the
What are your projections for silver in 2011?
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