Fibonacci and Market Context Relation to Silver – How Did We Anticipate Low on Silver

While most of the traders out there, called for sub 50 dollar level on Silver, we did spot a nice textbook pattern on Silver (XAGUSD), where we anticipated price appreciation and market has respected our view. Let’s take a look at what we sent our to our members 7 days ago, 17th of February:

“Silver is coming lower on the intraday basis, but it’s now trading at an important 61,8% – 78,6% Fibo. retracement near 71-70 support area for wave “b”, from where we may see a new recovery for wave “c”, at least back to the upper line of a potential bearish running triangle near 80, or all the way back to 92 resistance area as part of a larger abc zig-zag correction”

We saw wonderful reaction the following day, where Silver showed signs of strength and we have stated that trend can be turning to the upside on the intraday basis. This is what we wrote the following day:

“As expected, silver is nicely stabilizing and sharply recovering away from the 61,8% Fibo. support area. So, wave “b” can be in place, and we can now expect wave “c”, at least a three-wave recovery back to the upper triangle line near 80 level, or maybe even an impulsive five-wave rally all the way up to 92 resistance area”

Silver is up staggering + 24% since 17th of February, our intraday call on wave B low. Now, that sentiment is turning positive again, there could be some trouble ahead. This is our latest update sent out yesterday:

“Silver is extending nicely higher in the hourly chart, which looks like a subwave (iii) of an ongoing five-wave bullish impulse within wave “c”. So more upside can be seen, and we see space up to 92-94 resistance zone, just watch out for subwave (iv) pullback that can fill the open GAP before a continuation higher for subwave (v) of “c”.”

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For a detailed view and more analysis like this, you can watch below our latest recording of a live webinar streamed on February 23: