Simple Moving Average(
) 50-period (red), 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
- The 1H Chart shows a market. that might be attempting a
correction rally to the decline that started on Jan. 11.
- The RSI has a bullish divergence, but could still be providing
a negative reversal (higher RSI top, lower price top, suggesting
another bearish attempt).
- The count could have completed a wave 1 to a wave C. We may be
in wave 2 in the European session. We should anticipate
resistance and topping between the 38.2% and 50% retracement
levels. We can than check to see if an impulse wave
develops that would be the wave 3 of C.
- The day chart shows that the market is indeed declining
after seeing such as extended bearish divergence with the RSI.
The 28.00 level is giving support. It is also 50% retracement of
a rally since
- The RSI shows that despite the correction decline, the
market is still bullish as its reading remains above 40.
- The fibonacci on the chart shows that if 50% is broken, 61.8%
will be the next target at
. Our swing projection seen in the 4H chart is a bit lower, at
. Below that is the
- Therefore, a break below
, and possible can extend lower to
- The more aggressive retracement is also in sight to
Will Silver rally after wave C? We would love to hear
what you think.
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Fan Yang CMT
Chief Technical Strategist