Update on Silver After AB=CD Completion
You may recall the Research Team highlighted AB=CD bullish completion at $26.79 on the H4 timeframe for spot silver (XAG/USD) last week. Subsequent to this, price action recently came within reaching distance of the 38.2% Fibonacci retracement ratio at $27.84 before rotating southbound and pencilling in a potential higher low at $26.94 earlier today.
AB=CD Bearish Completion?
The 38.2% Fibonacci retracement ratio continues to call for attention for those long the AB=CD pattern as the initial upside objective. Should silver continue to be bid from current price, the 38.2% ratio actually converges closely with a 100% projection ratio at $27.99, which represents an AB=CD bearish formation. Were further upside to be seen beyond these levels, attention will likely be drawn to the 61.8% Fibonacci retracement ratio at $28.60, a level that shares chart space with a 1.618% Fibonacci projection ratio at $28.64, an ‘alternate’ AB=CD bearish formation.
AB=CD Bearish Completion?
The 38.2% Fibonacci retracement ratio continues to call for attention for those long the AB=CD pattern as the initial upside objective. Should silver continue to be bid from current price, the 38.2% ratio actually converges closely with a 100% projection ratio at $27.99, which represents an AB=CD bearish formation. Were further upside to be seen beyond these levels, attention will likely be drawn to the 61.8% Fibonacci retracement ratio at $28.60, a level that shares chart space with a 1.618% Fibonacci projection ratio at $28.64, an ‘alternate’ AB=CD bearish formation.
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