Is The Silver Downtrend Finally Over?
Alexandros Yfantis | Mar 27, 2013 08:04AM ET
Is the downward trend in Silver over? The recent sideways movement in Silver is more probable to be corrective than a start of a new upward move.
Silver is most probably going to start another leg downward soon, likely towards $27. Our members received this last Friday:
If support shown in the above chart is broken downward, then prices will make new lows toward $27. This is our most probable scenario as there is no clear upward impulsive move. Nevertheless, the longer term Elliott wave count makes us expect a wave E bottom soon.
We will not go long based just on that. We would first want to see resistance levels broken and impulsive upward moves. Until then we are downward biased on Silver trades.
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