Although overall we look for buy setups in silver, we now have a very good potential sell setup. Looking the daily chart we have a deep crab pattern completion with price having already reversed from that 1.618 fib level. In a lower timeframe we see that price has broken below CD wave and it's now correcting. We have a pending head & shoulders pattern which can be traded in two ways. A) We may place an order at the level of the left shoulder with stoploss above head B) we should wait for price to break the neckline (red trendline in the chart). In addition we have a MACD bearish divergence. Too many factors in one place for going short in Silver.
Deep crab on daily chart
Deep crab on daily chart
