MCX Silver: Neo wave Diametric pattern

MCX Silver Daily Continuous
As shown in the Daily chart of Silver, prices have started moving lower breaking its previous day low and have also closed below both the moving average 50SMA (blue) and 20 EMA (red). This opens the possibility of short term negative trend.

Wave theory suggests, prices are moving down in the form of wave g of bow and tie diametric. The current downfall is corrective leg and so it will continue to take its time to correct.

In short, prices of this industrial metal will falter any time soon. The bias is firmly negative, expect prices to test 37000 levels over short term.


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