Elliott wave Analysis: Silver Trading Out Of a Downward channel, 10 Years Us Looking Towards 120'0
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We can see silver turning up, out of a downward channel, which can be the first sign of a temporary trend reversal. This reversal should be structured by minimum three waves to the upside. All said, the Relative strength index also shows divergence and indicates a three-wave rally.
Silver, 1h
10 year US notes made a sharp and strong reversal recently, which we labelled as corrective wave 4, that found resistance at 122'20 level and reversed lower. The current drop can now be part of sub-wave 5 of III.
10 Year US notes, 4H
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