Silver started October with a long bullish candle. The next day I wrote a post that Silver could reach higher highs, and long positions are favorable from the risk/reward point of view. The metal rocketed more than $1 from the posted price ($15.229), but caught the “bullet” in the sky and fell “dead”.
Below is the reconstruction of my chart from that post to see where the metal reached and what levels were broken back.
Silver Daily: After Crash
Chart courtesy of tradingview.com
Silver has managed to overshoot the distance of the green ab segment by 0.382 (at 1.382 Fibonacci expansion ratio) and has outweighed Gold’s progress that it couldn’t overshoot. The entire segment has fit into a single month of October from the trough to the peak on October 28th. Gold peaked earlier on October 15th and didn’t make new highs after that. [Read more...]