Looking at our highest timeframe we see price has broke out of its aggressive descending wedge and returned to it support zone. Beginning of uptrend starting back in 2009, 2nd bounce coming in 2016. Price has now reached it’s potential 3rd bounce. Price is now stuck in an ascending triangle, Stochastic RSI showing momentum is bullish on the monthly. Risk/Reward looks very appealing.
Shifting over to our pattern timeframe we see price has created another breakout pattern inside our bigger pattern. Multiple touches seen @ $16.00 Stochastic RSI showing momentum is bullish. Last week’s candle retraced as low $16.00 to test for support and retraced back to $16.50. Is this the lowest we will see silver again? A breakout above $17.00 activates our entry.
Looking over at our trigger timeframe we see a beautiful triple bottom with a Wick left to be filled by our next daily candle. Expecting price to close above $16.60 and momentum to follow, leading to our breakout.
Conclusion
Silver will NEVER be this low again, an entry is possible now, or a break and close above $17 for a safer entry.
