Weekly Outlook For Silver
Ian Copsey | May 07, 2013 03:20AM ET
7th May:
Unless I'm mistaken, the move down from the 24.83 high doesn't look consistent with the start of a 5-wave decline. Be aware of a possible extension higher to the 26%-38.2% retracement area between 24.83-26.02. From there we should see losses.
Only an earlier break below the 23.24 low would risk direct losses that need to develop in 5-waves in Wave (a) of Wave (v). I suspect this will move below the Wave (iii) low at 22.04.
When this does break down, the first stop should be the span of the Wave b - which being a triangle could be between the 22.85- 23.50 area.
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