empty
 
 
17.02.2012 02:59 PM
USD/CAD Elliott Wave Count for February 17, 2012

This image is no longer relevant

Technical outlook and chart setups:

Silver produced a doji(hammer) yesterday after printing lows at $17.30 levels. This could be an indication of a potential reversal or a pullback due, into the $18.60 and $19.00 levels. Also note that past support turned resistance zone is around the same levels, as depicted here. The metal needs to clear at least $20.00 (break out of the immediate line of resistance) levels to confirm a further push towards $21.20/30. It the metal reverses fro around $18.60/$19.00 levels, potential remains of yet another low below $17.00 levels before reversal. It is recommended to wait for a bullish reversal confirmation on the daily chart view, to turn long.

Trading recommendations:

Remain flat for now. Look to initiate longs again on confirmation.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback