MCX Silver: Bow and Tie Diametric Pattern

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MCX Silver Weekly Continuous chart


In the above weekly chart of Silver, from past two weeks prices are forming a doji pattern which indicates that the previous trend which is bearish is indecisive. This means that further down move in Silver is least likely.

If it will halt at current levels, there are high chances for prices to reverse and can move higher above its previous high of 37800 levels.

As per wave theory, prices are moving in Neo wave bow and tie diametric pattern which has seven legs within (a-b-c-d-e-f-g). It is seen that wave g which is the last leg has completed and will reverse soon.

In short, a reversal in prices are likely which can take prices higher till 38000 in coming weeks with support at 35200 levels.

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