Technical analysis of Silver for October 23 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is trying to drop lower in 3 wave correction from current levels around $16.00 as depicted here. The metal is expected to drop through at least $15.30, but a push below the support level of $14.40 would be extremely bearish. An aggressive trade setup could be to initiate 50% short positions now, with risk at $16.50. Immediate support is seen at $15.00 followed by $14.40, $14.00, and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher. The more conservative way to trade would be to wait for a drop.

Trading recommendations:

Remain flat or go short with stop at $16.50, a target is at $15.30.

Good luck!

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