Silver is pulling back from the strong upside resistance
Silver is pulling back from the strong upside resistance marked by half-line of the first Andrews Pitchfork channel half on a monthly chart. Based on this rejection we can see that the instrument is in the consolidation before a possible another 30 test. If we see a confirmed price action break below 26 this would mean that it will reverse back to the 20-21 zone again.
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On the weekly chart, we can see an impulsive Elliott Wave upside count, long-term, and a break above the 30.50 is required for a continuation higher to Pitchfork channel Median line 55 and higher in the 3rd wave. So a 3rd wave to be confirmed we need to see a confirmed price action break above 30 which is proved to you as reading this article as extremely powerful upside resistance.
BASICS OF ANDREWS PITCHFORK TRADING ANALYSIS VIDEO EDUCATION
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