SilverM in ZigZag Correction
Silvermini 4-Hour Chart Analysis:
The Silvermini chart is currently showing the completion of a classic 5-wave impulsive pattern. We are now entering a 3-wave corrective phase. The internal wave structure of the first corrective wave is forming a 5-wave pattern, indicating that after a brief 3-wave bounce, another 5-wave structure is likely to emerge, completing a Zig Zag correction.
By the time this 3-wave corrective move is complete, we should be around the 38%-50% retracement level of the impulsive wave that started from 80,762 and peaked at 88,788, marking the end of wave 1 in red. We are now in wave 2 (red), and once this wave concludes, we could see the beginning of wave 3 (red), which has the potential to be a significant move, targeting levels around 93,500.
On the flip side, if the price breaks below 83,350, it would suggest a deeper correction is underway, and it would be wise to unwind long positions initiated around the 84,881 zone.
Disclaimer: We are not SEBI-registered advisors. This content is intended for educational purposes only.
The Silvermini chart is currently showing the completion of a classic 5-wave impulsive pattern. We are now entering a 3-wave corrective phase. The internal wave structure of the first corrective wave is forming a 5-wave pattern, indicating that after a brief 3-wave bounce, another 5-wave structure is likely to emerge, completing a Zig Zag correction.
By the time this 3-wave corrective move is complete, we should be around the 38%-50% retracement level of the impulsive wave that started from 80,762 and peaked at 88,788, marking the end of wave 1 in red. We are now in wave 2 (red), and once this wave concludes, we could see the beginning of wave 3 (red), which has the potential to be a significant move, targeting levels around 93,500.
On the flip side, if the price breaks below 83,350, it would suggest a deeper correction is underway, and it would be wise to unwind long positions initiated around the 84,881 zone.
Disclaimer: We are not SEBI-registered advisors. This content is intended for educational purposes only.
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