Silver $XAGUSD Short-term Elliott Wave Analysis 2.23.2016

Short term Elliottwave structure suggests rally to 15.953 ended wave (3). Wave (4) pullback is unfolding as a double three structure where wave W ended at 15.1, wave X ended at 15.54, and silver has resumed lower in wave Y. Wave ((x)) bounce is now expected to fail below 15.54, but more importantly below 15.95, for another leg lower towards 14.49 – 14.69 area to complete wave (4). We don’t like selling the proposed pullback and expect buyers to appear from 14.49 – 14.69 area (if reached) for at least 3 waves bounce if not continuation to new high.

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