Silver traded within its expected weekly trading range with no surprises. I have now got 4 coloured trend channels marked so that you can see how it is waves within waves, so weekly is red, and silver has neither reached the MLU on its high and closed just above its ML so is possibly still in UT, however failure to reach MLU makes this highly unlikely, but possible with a high under 22.00. The Daily channel is purple and last weeks high penetrated the ML and rapidly dropped, however failed to reach the MLL, indication in all probability that the DT is not over yet! On the deci fractal wave scale (blue channel) the low bounce off the MLL and closed on the ML indicating further downside this week to complete d-1. A break below 20.37 will confirm that the recent high was a D-2, and the weekly channel is no longer an option. Hence we may have W-2 and D-2 in place, and then I would expect further sub division to make d-2, c-2 and then a sharp drop to new lows.
I have added in a few more weeks S&R and depending on where prices close that will just change the colour from S to R and vice versa!
Sorry but been busy arranging new contractor for boat - last one dropped us in the brown stuff, but all sorted now - the labour that was working for him got sacked because he had no other work for them and now are working direct for us at half the price!
But no surprises on the weekly numbers!
Silver managed a high last week at 21.63, just short of the second resistance level of 21.71 and in no mans land shown in last weeks report. Last weeks high is most likely a D fractal scale , however that can only be confirmed with a close outside the purple rectangle so we need a sharp drop or it which the wave formation so far is not suggesting, making it more likely that there will be a series of subwaves forming over the rest of this month with a narrowing trading range. Alternatively a new high should confirm this wave as a weekly wave. On the daily tick chart a drop below 20.82 would be confirmation on that scale of a trend change.
Below I have shown the deci fractal rectangle in blue and daily in purple.
The next price target is 20.52 towards the end of the month.
Silver managed a new high at 21.33, not quiet the 21.45 projected WC 30Jun, however it is in the purple triangle shown on the daily chart. Now prices need to work out the wave scale as this is either D-2, or if we get a new high W-3. I have shown this in the bold orange triangle - caution! I do not see a high chance of a breakout above the d-3-4-5 MLU as on the daily chart we have a completed pivot. Prices for the next 2 weeks look to be narrowing their range before a big move, which according to the larger fractal scales is going to be to challenge the recent May low. Remember twice we have already elected the weekly bearish reversal.