Weekly chart:
Silver is in the sixth arm of movement and is thereby in a very mature trend. A bottom formation could soon emerge in the big picture here.
Daily chart:
The last downward movement was very severe, meaning that it is a very long way to the last correction zone. If a significant correction were to occur, then this could indeed be the start of a bottom formation.
Hourly chart:
The beginning correction in the higher trend (daily chart) is showing as an uptrend in the hourly chart. This uptrend itself is currently in a correction (green rectangle) and is showing slight indications of picking up a new movement to the north. Anybody who prefers to trade corrections could trade this uptrend.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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