Silver (XAGUSD, SI1!). Cup & Handle Pattern.
This is simple Cup & Handle pattern setup.
We are in a Handle already.
Breakup of the Lip would validate longs above $17.24.
Target = Lip (17.24) + Depth of the CUP (1.086) = 18.318
Right at that area there is a double resistance - 09NOV low + Falling trendline
Some traders enter long on the break of the Handle, which is the first resistance.
Anyway one should obey its own risk rules.
We are in a Handle already.
Breakup of the Lip would validate longs above $17.24.
Target = Lip (17.24) + Depth of the CUP (1.086) = 18.318
Right at that area there is a double resistance - 09NOV low + Falling trendline
Some traders enter long on the break of the Handle, which is the first resistance.
Anyway one should obey its own risk rules.
Order avbruten:
Model was broken. Price dipped below the Cup.