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Strategies & Market Trends : Dino's Bar & Grill
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To: Andrew~ who wrote (29566)5/11/2017 9:54:30 AM
From: Goose94Read Replies (1) of 203577
 
Silver Correction Complete?

JUL SILVER

As a result of Tue's continuation of the the past month's relative meltdown, the 240-min chart below shows that the market has identified last Fri's 16.53 as the latest smaller-degree corrective high the market is now required to sustain losses below to maintain a more immediate bearish count. Its failure to do so will confirm a bullish divergence in momentum, end the decline from 17-Apr's 18.655 high and expose at least a correction higher, and possibly a major reversal.





This tight but objective risk parameter may come in handy given the market's proximity to the extreme lower recesses of the 5-month range bounded by 20Dec16's 15.675 low shown in the daily chart above and weekly log chart below. Along with a relatively low 36% reading in the Bullish Consensus (marketvane.net) measure of market sentiment it's not hard to find base/reversal-threat factors and conditions.

These issues considered, traders are advised to pare bearish exposure to more conservative levels at-the-market (16.375) and jettison the exposure altogether on the immediate recovery above 16.53. Subsequent setback attempts after a 16.53+ breakout would then be advised to be approached as corrective buying opportunities with a failure below Tue's 16.06 low required to negate that call.



RJO Market Insights
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