Last week expected a pullback to begin for Silver either at the high for the 23rd of March, or very soon. This is not what has happened. Price has continued to move higher.
Price is now moving sideways again. Some strategies for traders are outlined today.
Downwards movement was expected to start the new trading week, but this is not what happened.
Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Last week expected a pullback to begin for Silver. Price has edged up slowly all week.
A small correction unfolded over the last week as expected.
Sideways movement was again expected for Monday’s session. Price moved slowly higher in a small range, mostly fitting expectations.
Last analysis expected a deep pullback was close to complete (the target was at 16.666). Price moved slightly lower to reach 16.831, 0.165 above the target, before turning.
Last weekly analysis expected a violent downwards breakout as likely. This is exactly what happened.
Alternate wave counts are now invalidated.
Price moved into the target zone, which was 1,197 to 1,192, and then turned upwards to print a green daily candlestick.
Silver has continued lower over the last few days as expected from last week’s analysis. The target remains the same.
Price continued lower as the two preferred hourly wave counts expected.
The classic technical analysis picture has changed this week for US Oil. On Balance Volume is now giving a strong signal as to which direction price may break out.
Price has been consolidating now for about twelve weeks. There will be a breakout and it may come soon.