Silver Daily Chart Bear Trap Review

 

siy00-nov-23-2018

 

It may seem that silver is bent on making new record lows, but the decline we are in does not behave like an impulse should. The waves overlap in many places,  which indicates a diagonal is in progress, or actually a flat or 3-3-5. The tail 5 waves make for a very nice impulse at this time, plus we are in another H&S position.  

Silver also saw a bottom this morning at about the $16.18 price level, and it will remain to be seen if it holds as well.