Silver Wave Analysis – 09 October , 2018

• Silver reversed from resistance area
• Further losses are likely

Silver recently reversed down from the resistance area lying between the key resistance level 14.90 (top of the previous correction (ii) from August), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from August.

The downward reversal from this resistance area started the active medium-term impulse wave (5), which belongs to the long-term impulse sequence from January.

Silver is expected to fall further and re-test the next support level 14.00 (which stopped the previous medium-term impulse wave (3) in September).