Preferred Elliott wave view in Silver suggest that the metal is showing a 7 swing Elliott wave bullish sequence (WXY) from 12/20 lows. Cycle from 1/27 low is also incomplete & favors more upside extension towards 18.31-18.71 area to reach the extreme from 12/20 lows. Near term, the pullback in Minute wave ((x)) ended in 3 swings at 17.22 low. Up from there, Minutte wave (w) ended at 18 as an Elliott wave zigzag structure (5-3-5) and Minutte wave (x) pullback is proposed complete at 17.71 as an expanded flat structure (3-3-5). Near term, the metal has resumed higher and made a new high as expected. Furthermore, cycle from 2/14 low (17.71) looks to be in 5 waves impulse and ended with Subminute wave a at 18.14. More upside is therefore likely while short term dips remains above 17.71 low in first degree & 17.22 low in second degree. Currently the metal is correcting the cycle from 17.71 low in Subminute wave b that is expected to remains above the ascending trend line from 17.22 low & more importantly above 17.71 low for further upside. We don’t like selling the metal.
Silver 1 hour chart
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