First Majestic Silver
6 Apr 2021 ● 02:10 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.