Subscription: Gold & Miners
Silver - has to hold over 16.10
Silver may find a temporary support under 16.89.
First that is 176.4% ext of a micro wave i down.
Second this is where 1,000 MA is located now on 45 min chart
Third, that is an important 61.8% retracement of wave iii up
However, I think that support is only good for a bounce in a corrective wave iv up.
The reason is that at the bare minimum that drop should extend to 76.4% ext ow subwave -a- down = 16.296.
76.4% retracement of wave iii up is located at 16.15.
It is very close to invalidation point for this rally at the low made by subwave b down of wave iii up ( 16.10 ).
If that low is taken by silver you may forget about mega rally in metals. You may even forget about wave v targeting new highs in 2019.
If 16.10 is taken that would essentially mean metals puked big time again and the top of 2019 has been made.
But lets stay optimistic by now.
Silver has a good chance to complete that subwave -c- of wave iv and hold over support.
All it needs to do is to make a bounce in micro wave iv up and then drop again to 16.30.
Silver - 45 min chart updated at 12-30 PM on 11-07-2019
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Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.
An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.
You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.
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