Elliott Wave Analysis On SILVER And Crude OIL
SILVER
On Silver we see a five wave decline down in wave C) that represents final wave of a corrective set-back in big blue wave 4. Well, this decline can be now coming to an end since we see price in late stages of black sub-wave 5 that can find a support at 18.30-18.50; where wave 5 equals to wave 1. But when trading it’s always important to wait on confirming price moves. In our case that would mean a sharp turn and break above 19.07 swing with a daily close above that price to make sure that bottom has been made.
SILVER, 1H
Crude OIL
Crude oil is making a pullback from the highs that we see it in three waves at the moment. It’s most-likely a corrective move; a zigzag down in red wave 4) that may look for a support around 46.00 area based on near-term projections for current black sub-wave C. We think that sooner or later oil will again turn up for a new high.
Crude OIL, 1H
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