- Bearish ABCD: - MCX Silver price action is displaying a Bearish ABCD formation. In an AB = CD pattern
the wave AB normally ends at 61.8% or some time ends at 78.6% Fibonacci
retracement level (Fig Below). And wave CD normally ends at 1.618% but
it sometime extended at 2.618% Fibonacci Retracement. in this scenario if the prices go down before the Retest the level of 49100 we can see more fall down in White metal. down sides levels are 45500-41200-38700.
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| MCX silver Weekly chart |
- Elite Wave: - Comex silver weekly
chart price action is displaying a Bearish Elite Wave. The current scenario,
suggests that Silver has tight resistance at 21.30 level, according to
Elite Wave and ABCD Bearish Harmonic Pattern. Any strong reversal near
that level could witness a correction of 3.4% of weekly closing. On the
flip side, if the price action continues beyond the prior high of 21.30, then the target for White Metal could be 21.30 – 22.80 – 24.20 and 26.00
Silver is trading low from few days as the policies of US President are in focus. US policies will affect the share market greatly. So being a MCX tips provider I would suggest to keep an eye on US policies and it's effect on COMEX.
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