SILVER - The Perfect Impulsive Wave
Silver is showing us a perfect impulsive wave in accordance to Elliott Wave Theory.
The basic principle of an impulse wave is as follows:
Impulse waves = 5 waves
Wave 1 - is made up of 5 subwaves (impulse)
Wave 2 - Is a corrective wave made up of 3 waves (correction)
Wave 3 - is another impulse wave made up of 5 subwaves (impulse)
Wave 4 - is a corrective wave made up of 3 waves (correction)
Wave 5 - Can be either an impulse or a correction - But its made up of 5 waves
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We are looking for wave 4 now, which is a correction. Anticipating price to come down to the buy zone. The closer we get to the invalidation level, the better as we don't expect price to break below it.
Trade Idea:
- Watch for wave 4 correction to form. This wave can be traded. Look for reversal signs on lower timeframe
- Once we're in buy zone, watch for bullish price action and reversal patterns
- Once entered, stops go below invalidation level
- Targets: 32, 34.5, taper
Goodluck and as always, trade safe!
The basic principle of an impulse wave is as follows:
Impulse waves = 5 waves
Wave 1 - is made up of 5 subwaves (impulse)
Wave 2 - Is a corrective wave made up of 3 waves (correction)
Wave 3 - is another impulse wave made up of 5 subwaves (impulse)
Wave 4 - is a corrective wave made up of 3 waves (correction)
Wave 5 - Can be either an impulse or a correction - But its made up of 5 waves
[/I]
We are looking for wave 4 now, which is a correction. Anticipating price to come down to the buy zone. The closer we get to the invalidation level, the better as we don't expect price to break below it.
Trade Idea:
- Watch for wave 4 correction to form. This wave can be traded. Look for reversal signs on lower timeframe
- Once we're in buy zone, watch for bullish price action and reversal patterns
- Once entered, stops go below invalidation level
- Targets: 32, 34.5, taper
Goodluck and as always, trade safe!
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