Reviewing Fib ratios shows expectations for coming moves. SLV retraced it's last up move right to the 50% level. Having found support here, one would expect it to rally to the -.23 fib at 17.63. If SLV corrects 50% from there, it can be expected to fall to 16.97. Support there would indicate another move to the -.23 fib at 17.94. Beyond these targets, there is nothing constraining price to stop at these levels. Price can continue beyond depending on strength/weakness. With the added interest rising up in the precious metals sector, the likelihood of prices reacting to Fibonacci levels increases as many computer algos use them for action points.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.