On the intraday chart of Silver, we think that market can be trading in final stages of a corrective set-back. We have seen a very big spike on Friday to 19.00 area from where market turned back to the lows. As it appears right now, we think that silver can be making an ending diagonal here in black wave 5, meaning that another and final push down to 18.20 area can be coming this week where we would pay attention to a bullish turn.
Silver 1 Hour Chart
I am looking at GBPJPY a little more closely now. On the hourly chart we can see a three wave rise from 129.14 with five subwaves in red wave c), thus a recovery can be coming to an end. If that’s correct then bears will take price beneath trendline support and wave iv swing which will open door for much lower levels this week.
GBPJPY 1 Hour Chart