The above chart is MCX Silver Monthly.
The chart shows History repeat itself theory of Fibonacci Retracement.
We have observed that the Silver prices seen strong support at 61.8 percent Fibonacci Retracement levels.
First time: from 8950 to 23150 and this rally retrace to 61.8 percent 14650 levels (Blue Line)
After that Silver prices make a new high of 27500 levels which was 90 percent Fibonacci
projections from 8950-23150-14650 levels.
Second Time: from 8950 to 27500 and again this rally retrace to 61.8 percent 15550 levels (Brown Line)
After that Silver prices make a new peak of 73600 levels which was 312 percent
Fibonacci projections from 8950-27500-15550 levels.
**** Third Time (Projected) ****
From 8950 to 73600 and again this rally will be retrace to 61.8 percent 33650 levels. (Orange Line)
And will be waiting for reversed Targets like 55,555 – 66,666
-77,777 - 88,888 and so more like 1,11,111 Levels.
Time Horizon: Two years to Three Years.
!! Recommendation !!
TRUE INFOTEC: BUY MCX SILVER IN THE RANGE OF 33000
– 30000 LEVELS PROJECTED TARGETS ARE 55555-
66666- 77777 - 88888 AND SO MORE LIKE 1, 11,111
WITH STOP LOSS OF 20000 LEVELS, CMP 43400.
....to be continued
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