Silver started to rally, after collapsing from $ 30 earlier. In fact, quotes have retraced by 61.8%, opening a very good opportunity to trade short positions in the market.
At the time of writing, quotes have formed a wave pattern (ABC), wherein wave A is the bearish initiative from $ 30.
Taking this into account, it is a good idea to open short positions from current prices, the targets of which are the 61.8% ($ 29) and 50% ($ 30) retracement levels.
Take profit as soon as silver reaches $25.8, $24.0 and $21.5.
Of course, traders need to carefully assess the situation before placing any position. As we all know, trading is very precarious, but profitable as long as a correct strategy is used.
The plan above follows Price Action and Stop Hunting methods.
The material has been provided by InstaForex Company – www.instaforex.com
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