Elliott Wave Analysis: SILVER Undergoing A Temporary Three Wave Corretion
Elliott 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
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
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