Projection for silver impulse wave 1

It is in my opinion that silver has begun impulse wave 1. If this is the case my projection for the first impulse is a as shown in the chart.


I think there will be a minor correction to complete HS pattern

The next waves use fibonnaci levels .386 and .618 with the fifth wave completing at the top of the upper trend line

The reason I chose those levels is because a cypher pattern is completed and profit taking conventionally happens at the 382 and 618

تعليق:

Alright so i got taken out of the trade by this most recent retracement. It went much further than I was expecting however a setup is now forming to catch the third wave of the first primary wave which should bring us to the .618....

I wil buy when the structure in the attached oicture is broken

تعليق:

Entered on break of structure

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Ok very intereting weekly open showed strong push up of almost 1.5% in one minute. Now we have retraced that move and have a descending wedge coming in contact with local trend line. Impulse should happen in next 24 hrs. Formation of larger ABC correction is also possible but I dont think it will.

تعليق:

Houston we have lift off. Resistance broken I revised 3rd wave projection to go to somewhere between 18.00-18.09

تعليق:

Okay i believe impulse wave 1 IS OVER and we will have correction to 17.00