Silver closed this week with a strong bearish engulfing and it is expected to continue decline for at least one week. The probability of a multi-week/month decline is also high. Let’s test the hypothesis from different angles.
On September 6, I caught the change of trend and updated the subscribers that silver was likely following an alternative count. It still is and the target remains the same. More about it in the summary below
This week, silver made a very solid bearish Engulfing, bringing price below 8 EMA and likely canceling all bullish hopes of previous weeks.
The indicators shifted back to the dark side.
Until a weekly candle closes above ~$24.40, there is nothing bullish.
Next: Daily candles, waves and targets projection and timing, levels to watch.
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