Silver Technical Update
March 21, 2011 - Silver Should See Some Resistance with
Simple Moving Average(
) 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
At Critical 61.8% Retracement (3/19)
Short to Medium Term
- Silver did not stop at the 61.8% retracement level, and instead
shot above end-of-week consolidation near
- Now we are nearing a previous top at
. However, we are seeing a bearish divergence developing in the
1H chart with an intra-day high of
- If the market breaks below intraday pivot at
, we would see a top and can anticipate a correction.
- The correction should not break below the pivot made 3/16
. This should now become support.
-The 4H chart shows the pair at an important declining channel
resistance. This is also 161.8% projection of a previous rally
- Thus we can expect some topping here. If this decline breaks
, we can see the market declining back towards the
- However, as noted earlier, if it remains above 35, and rallies
back above the current high, we have an impulse wave
development, and the bullish scenario should be re-opened,
especially this moves above
Is silver developing a bullish impulse wave?
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Fan Yang CMT
Chief Technical Strategist