Silver Wave Analysis – 16 January, 2019
January 16, 2019 @ 17:37 UTC
- Silver reversed from resistance area
- Further losses are likely
Silver recently reversed down from the combined resistance area lying between the strong resistance level 15.65 (former multi-month support level from the start of 2017), upper weekly Bollinger Band and the 50% Fibonacci correction of the previous downward impulse 3 from June.
The downward reversal from this resistance area started the active short-term corrective wave B of the ABC correction (4) from last year.
With the weekly Stochastic still in the overbought area – Silver is expected to fall further and re-test the next support level 15.20.