… ‘The Most Likely Event’
One week ago, the update on silver (SLV), ended with this (emphasis added):
“Therefore, the most likely event, is an attempt to retrace the prior four weeks of down action (not advice, not a recommendation).”
As the chart shows, that’s exactly what happened.
One important item (so far) is the weakness.
Silver Daily with Fibonacci Retrace
The retrace higher, closed near the Fibonacci 23.6%, level.
As can be seen, the market is following a Fibonacci time sequence for its pivot locations.
The next count is ‘Day 8’, which just so happens to be this coming Tuesday’s release of Fed minutes and one day before the PCE, is released.
Stay Tuned
Charts by StockCharts
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