Is Silver Ready To Bounce ?

Silver 15 mins futures are showing some signs of relief and bottom formation after having water fall from $49.The correction of $15 in a week is like a roller coaster rider and big banks wanted to shake the loose leaves of the silver tree so as to create a panic in this metal markets.But when you see the whole commodity complex silver is leading with margin hit.

Anyway lets come to chart now.Breaking green line will have an object move to $41-$42 shown in red line.We need a consolidation here in this zone before going back to new highs.The parabolic move from $38 was not sustainable for silver markets and any moves will have adverse effects with price action that does not mean that we will not look the higher prices.Instead of taking step wise it took lift and same happened from $49.Looking at technical analysis it severely had damaged and it needs repair.So consolidation is best therapy going forward.The more the consolidation, the greater the force it can generate in due course.

Is silver bounce here, Time will tell us. Good luck. Happy Trading.