Expect a possible bearish price movements towards the lower trendline.
Silver weekly review:
Following the massive drop below the daily demand level 17.25, on 14th November 2016, the metal traded short but is currently retracing back to this level. We expect the current upward rally to be a mere correction of the impulsive wave (a) and should not go beyond 17.25, from where we'll be looking to sell the next motive wave (c). Any clear advancements above 17.37 may invalidate a possible rebound from this zone and could culminate into a possible bullish wave count towards 18.54 and possibly higher. In the meantime, this bullish rally is highly unlikely since gold, a positively correlated commodity is pretty much bearish and will likely trade in the lower ranges during this week. And since gold basically drags silver with it, any bearish movements in gold will attract a similar move in silver. Only buy or sell silver if gold is giving the same signal.
Wait for a clear rebound from 17.25 to go short with an ideal target at 15.75
Crude Oil weekly review: