April 28, 2011 - Silver Targets 54.80-55.00 with
and Swing Projections
) 200-period (bold, gray)
RSI-14 with Simple
5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term
Multiple Time-frame Analysis
Gold Looks for Fresh Highs as Silver Sits Tight
Short-term to Medium-Term
- Silver was held above
after a sharp spike to start the week. There was no follow
through with this
, and the market is showing a bullish wave development. We are
likely to be completing wave v, so a
can be expected, especially with the market testing the
zone that previously provided a sharp rejection.
- A break above 50 has a couple of targets. Looking at the 4H,
the market shows a positive
with the RSI, meaning the RSI low is lower, but price low
remained higher. The
swing projected from the
- If we the equal force pushing the market down reverses to push
the market above the current
- This bullish scenario should be confirmed if the market remains
(middle of the
), and breaks above
with the RSI in the 4H chart also breaking back above 70.
- A break below
suggests the market is ranging, to bearish in the short-term.
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Fan Yang CMT
Chief Technical Strategist