InvestMate|Silver's time for falls🥈

🥈Silver's time for falls.

🥇Gold has already been mentioned so now it's time for silver.

🥇Link to posts about gold:

🥈In my analysis of silver I used several tools to catch key price points.

🥈At the very beginning I marked out a downtrend channel, as we can see we are very close to the upper edge and knowing that there is no rule that the price always reaches every point with scalpel precision. This is the first indication that the price is expensive.

🥈Next I measured the fibo grid of the whole downward wave and again I see that we are close to the important level of 0.382 of the whole wave.

🥈I also measured the current upward impulse from the bottom using the fibo.

🥈I also measured the range of the largest correction of this impulse to determine the 1:1 range level.

🥈With the help of these measurements I was able to determine two support zones.

1. the 0.236 cluster of the entire downward wave plus 0.382 of the entire upward wave.

2. the 0.618 level cluster of the current upward impulse and the 1:1 level.

🥈Looking at where we are, the occurrence of a correction is highly likely. I have set a resistance zone given that it is a cluster of the 0.382 level and an important price point that has provided support in the past.

🥈The scenario I am playing out is the execution of a downward correction of the current upward momentum with a long term perspective of continued declines.

🥈*Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario for further increases.

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