Analysis
Silver tested it's weekly trendline resistance after having triangle formation (flag pattern). Instrument is able to break it's temporary bullish line on hourly and 240 min charts and able to trade below. As we can see on chart, it got first support on 17.20 area post that it jump to test it's broken trendline and able to go back to 17.40 zone but failed to sustain those levels, this will be another point which making higher possibility of having reversal in place. We are seeing 16.90 as first target of this instrument.

Action
Shorted pair @ 17.44 with 18.00 stoploss. 1st Target will be 16.90.

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We have team of expert who are working on forex, commodity, indian stocks analysis with the help of Elliottwave theory along with few indicators. Our mission is to provide help and guidance to traders and help to understand elliottwave tools so they too can decode market and able to generate some passive income from ongoing market moves.

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