Silver Approaching Resistance – Elliott wave analysis
Silver is bullish, following a low in March for a higher degree wave C), however this may come to a temporary halt. We see price approaching possible resistance levels at the 17.57 level and 18.08 level, where former swing high, and Fib. ratio of 261.8 can react as a slow down for the metal.
On the 4h chart, we have five visible waves within a wave 1), however intra-day activity can suggest one more push higher, towards the 18.08 level, before bulls lose control and bears take over for a bigger, A-B-C correction. That said, a solid drop below the lower channel line will be first suggestion that wave 1) of a higher degree is completed, and wave 2) correction underway.
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