We have been using Ichimoku indicator along with Elliot wave and Neo wave technique and are able to capture major trends across asset class. It has been working well even in the sideways market.
Below is the weekly chart of Comex Silver using Ichimoku indicator and Channelling technique:
Comex Silver weekly chart:
The following is the gist of analysis taken from monthly update published on 8th of February, 2019.
Elliott wave analysis:
Precious Metals have been moving in a sideways to negative fashion from mid of 2016. However this correction has brought prices at the very important juncture. Gauging the trend of Comex Silver is vital as it helps to form trading and investing strategy for MCX Silver. Let us look at the medium to long term structure of Comex Silver.
In this weekly chart of silver the prices have been trading in a channel since 2017. On the Ichimoku clouds the conversion line is above the base line showing that the prices are trying to rise, although we can see historically the price has always respected the resistance offered by the Ichimoku cloud since it has been moving in a channel. As the base line and conversion line are both still under the cloud we do not expect to be bullish on a medium term unless the price breaks above the cloud and the channel.
In a nutshell, the outlook for Silver looks to be in matured stages of upmove and break below ……will resume the downtrend. For a bigger degree uptrend to resume we require a move above ……………. as this will indicate a multi-month low has been formed………………The above just shows how
Ichimoku cloud indicator itself can provide very important information to derive the trade. To get a detailed research on Silver, Nifty, Facebook, Amazon, stock pick of the month get access to the monthly research report- “The Financial Waves Monthly Update.” A big trend is about to emerge. See yourself here
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