Please have a look at the next charts, that show us what happened after a silver Parabola burst.
Larger Image - Chart created with Prorealtime Charting Software
Larger Image - Chart created with Prorealtime Charting Software
Larger Image - Chart created with Prorealtime Charting Software
Larger Image - Chart created with Prorealtime Charting Software
The following chart is an updated version of THIS ARTICLE.
We took the 1993 low of $3.50 as the 0% Fibonacci level and then drew several Fibonacci Retracement levels, whereby the 38.20% levels coincided with the consolidation levels. We can see that after the 3 previous peaks, price always retreated at least to the 50% level. The current correction was halted at the 61.80% level.
Larger Image - Chart created with Prorealtime Charting Software
As the charts above show us, when a parabola bursts, it takes time - a lot of time - before the next leg up begins.
Will this time be any different, or are silver prices headed for more correction?
To find out, visit www.profitimes.com and follow us on Twitter for the latest posts!
