Commodites
SILVER SHORTXAGUSD is expected to sink now.
There are many reason why we feel it may sink.
01. It has not sustained quarterly buy level.
02. Pinball in daily Chart.
03. To sink and come near quarterly sell level of 14.12
04. Stoch RSI (3,3,14,Close) clearly states it may sink.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is also sinking.
Keeping all the above indicators in view along with the chart pattern we expect it to sink. Our sell call shall be from Short below 15.56 SL@: 16.77 Tgt 01: 15.44 Tgt 02: 14.52 Tgt 03: 14.12. We are expecting this to happen shortly. Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
Oil : Trying to find the bottomIn the previous post i was looking for a big move up, but price went lower instead. Price is now again at an interesting level. In the count above I have price from 62.56 in a double three with both legs equal ( most common in double threes = 100% or 76.4% ) where the decline itself is part of a last leg inside a bigger double three from 114.95. Here however wave Y is only 50% of wave W, which is less common.
The ending diagonal idea is still valid but can't go below 21.70.
Best of luck and be careful if you decide to try and catch this falling knife.
Still Expecting Downside on OIL Still expecting OIL to continue sliding lower. If we can keep below $40.05-$37.68 resistance then it is very likely we will fall lower. Of course the $28.10-$27.54 support zone is vital as we had strong buyers stepping in and buying here. Below that support it is lower prices for oil with the target of $25.13 - $23.61.
I have been short a long time on OIL. Added more shorts to my portfolio on the jump up towards the end of the week. Will continue to add as we enter the red zone of $37.68 - $40.05 as I do expect further downside.
Just a waiting game now.
