Breaking Down Silver’s Rally: Assessing Corrections, Retracements, and the Path Forward

From fxempire.com

video After reaching a new trend high of 25.91 early in Monday’s trading session, silver reversed lower, generating a very wide outside day. At the time of this writing, the low of the day is 24.40 and today’s range is outside the trading range of the prior four days. The initial rally earlier today completed a rising extended ABCD pattern at 25.70. This is where the AB leg of the rally is extended by the Fibonacci ratio 127.2%, to define a target for the CD leg. chart Today’s low has almost completed a 38.2% Fibonacci retracement, which occurs at 24.36. Nevertheless, given today’s clear bearish reversal, ... (full story)