The price of silver may have ended a potential correction and may start a new upward movement. From the technical point of view, the recent drop in price has consisted of five waves known from the Elliott wave theory.
What is more, the fifth wave may also end the larger pattern labeled as ABC. This could be a huge running correction with wave C equals to wave A. So if the support at 24 USD is defended we may expect another rally to the recent top 28 USD or higher.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, the fifth wave may also end the larger pattern labeled as ABC. This could be a huge running correction with wave C equals to wave A. So if the support at 24 USD is defended we may expect another rally to the recent top 28 USD or higher.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
76.44% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
