Vladimir Ribakov analyzes silver across multiple timeframes, identifying a seller's zone at the 100% Fibonacci expansion and noting the price has ridden the upper Bollinger Band for over 20 candles with RSI approaching overbought. He outlines two scenarios: a pullback near the weekly Fibonacci zone or a direct move to the zone triggering selling pressure.
Chapters
Hello traders, how are you? Vladimir here from Home Trader Club, and in this video, my technical analysis and trading plan on silver. We will start with the monthly chart, not because I plan to trade here for a decade, just to show you how it is part of the bigger picture. And we will be dropping lower to the lower time frames to find the trading opportunities. So starting from the higher time frame, at the end of the massive bearish trend we've had here, the market completed the 3 waves with making lower lows on the chart versus higher lows on the indicators, indicating that the reversal is likely. What happened since is the market made the higher highs as well as the indicators Showing here a synchronization. The buyers are taking the control. We got the pullback, and this pullback is being broken right now. What usually happens in that case that the previous high, as soon as it retested, makes the pullback before the second corrective wave of the corrective cycle. With that in mind, I drop to the lower time frame on the weekly chart. We can see here that we have a very, very well from my point of view interesting zone, and this zone is a zone of sellers. Okay, take a look on these spikes. Okay, the swing highs and the spikes. But mostly, if we take a look on these two waves that are still developing, we can see 100 Fibonacci expansion level. Okay, of the 2 waves. And beside that, we can start to see the market is building a potential slowdown. So while the market is making higher highs, higher lows, the indicator starts to show potential lower lows developing. So I believe as we are getting to this key zone of the swing highs— the next swing high, by the way, is also not too far— the pressure would be to the downside. We should see a move down before a long-term further rallies. So keep in mind the levels we discussed. Here is the first leg from the weekly chart. It came to the end and ended up with a bearish divergence. 3 classical waves and bearish divergence. The current ongoing wave does not have it yet, which makes me think that on the short term Any pullback can still, or should still, provide the further buy. A very interesting sign that happens here is if we examine the Bollinger Bands, we are now riding for very close to 20 candles right on the upper band without significant conditions. The last time it happened was right here. It was just riding the opposite, and look at the reaction the market had. Since then, so right now we do have this right, and that's what makes me think a correction is very likely due. And as soon as this—I should not say correction—a pullback, as soon as that happens, I believe we should finalize the rally towards the same mentioned level from the weekly chart—that 100% Fibonacci expansion. Right, once we manage to reach there, this should be a classical zone to look for the pullbacks. What could happen here is that the market goes straight without the little pullback before, straight to this zone, which will just increase the bearish pressure, including that, uh, 20+ candles right on the Bollinger Band which I mentioned A minute ago, including the fact that since this Bollinger Band breakout, this would be a double duplication of the zone. And if it happens to be straight move, very likely to assume that the RSI would reach the overbought conditions above 80, not even 70. The last time it happened, believe it or not, was the last time it managed to create this high. right here in between February to March 2022. Okay, that's where the RSI was very close to 80. So, uh, that's the 2 scenarios. If we manage to get a pullback, I would be after buys towards this zone. If it doesn't make any pullback and just reach this key zone we discussed before, that's where I will be after the sells. On the shorter term, back to this massive, massive, massive zone. Broken resistance but will become a support and a volume profile based zone, which should be acting as a dynamic support. So that's it for this video. That's my analysis and my trading plan on silver. If you have any questions, don't hesitate asking in the comment section. If you find this video useful and you appreciate the ideas I share with you, please hit this like button. And I would like to invite you to subscribe to this channel if you are new to this channel. Also, I would like to invite you to our trading family, the Home Trader Club, where you will get your access to our full trading courses, both for beginners and advanced, real-time trading education and real-time trading opportunities As we spot them. Join our family with the link below this video in the description. Thank you very much for your time watching this video. I wish you and yours all the very best. I'll see you soon with more. Bye for now.
