- Bulls stepping back in and seeking a significant correction of the daily bearish impulse.
- The long-term charts are offering a bullish bias as well.
In a follow-up to prior analysis, Silver prices have been stalling on the downside following a series of bearish daily closes and what might be perceived as an oversold market.
This gives rise to prospects of a sizeable correction and the following is a top-down analysis that illustrates the market's structure and price action of late.
Monthly chart
-637459953611336809.png)
There has been a significant correction of the latest bullish impulse and the continuation of the upside could now be in order.
Weekly chart
-637459954283575100.png)
The weekly W-formation's correction has been completed and the bias flips to the upside here as well.
Daily chart
-637459954880356442.png)
Bulls will note the Fibonacci retracement levels with the price completing the correction of the weekly W-formation.
The 38.2% Fibo has a confluence of an old structure.
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