The commodity is in a large corrective structure and it's looking more likely that we break down, a smaller degree break inside this larger structure looks imminent to the downside and will give a nice opportunity to go short and wait for a larger breakout once confirmed.
Note: The larger degree is an uptrend and whatever down move should be considered as a larger degree corrective move and can be dangerous if you don't use the proper strategy. It has a possibility to break to the upside as can happen with this type of structure and no shorts should be taken without a confirmation.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit thepiphunter.com and subscribe.
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wrong chart for silver.
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norzensen
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thx. good you point out the big risk of counter larger degree trend trading.