Elliott Wave Analysis: SILVER Undergoing A Temporary Three Wave Corretion 

silver-analysis

Gregor - Author BIO photoElliott Wave Analysis: SILVER Undergoing A Temporary Three Wave Corretion

On the Daily chart of Silver, we are observing a nice three wave consolidation taking place with sub-wave C in final stages as part of a higher degree correction of wave B) or II). If that is the case, then silver will ideally find itself a region of support near the 17 mark and from there make a turnaround higher.
Break above the black wave B swing would suggest that the correction is completed and higher prices may show up.

SILVER, Daily

silver-daily-analysis

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On the lower time frame, silver broke beneath the 18.30 level but as we see on the Daily chart above this is only a three wave of a decline from above 21.00 area. It’s a correction within ongoing uptrend that will be expected to resume later this year. We see room for current wave C towards the 16-17 area where metal may look for a support.

Current intraday bounce may be blue wave iv-circled, which can find a resistance and a reversal at the 18.004 level.

Silver, 4H

silver-analysis

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By Gregor Horvat


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