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First Majestic Silver

6 Apr 202102:10 PM

In the short term, it looks like AG broke out of a descending triangle but on the upside. This is therefore a bear trap, and the triangle is a complex correction.

The big picture chart shows why. We are starting wave 3 of 3 up and that is now a bullish outcome. The trendline from last year's bottom worked as perfect support this week. The parallel channel to that goes all the way to 33$ and rising. So as long as the channel holds we have room to go back to the top end of the channel.

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