Silver: Initial Recovery In Triangle Area
Ian Copsey | Aug 19, 2014 02:20AM ET
Silver:
The additional losses have forced a similar count to Gold. This suggests the 21.56 high Was Wave [i] and we have either seen Wave [ii] at 19.47, but should allow for the 76.4% retracement at 19.32. Note there was an hourly bullish divergence, but none in the 2-hour chart.
Overall this should suggest an initial recovery into the triangle area and later to the 20.30-40 area at least but at this point we should be looking for a Wave (i) and then Wave (ii) correction. After the Wave (ii) I suspect the Wave (a) should move up into the span of the prior Wave -b-.
Only below 19.30 would risk a test of the 18.63 and 18.20 lows.
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