Decline from wave X at 16.46 is unfolding in double correction (w)-(x)-(y) where wave (w) ended at 15.5, wave (x) ended at 16.05, and wave (y) is in progress towards 14.95 – 15.2. Revised short term Elliott Wave view suggests the internal of wave (y) is taking the form of a double corrective structure w-x-y where wave w ended at 15.46 and wave x is in progress towards 15.9 – 16 as a FLAT before turning lower again to 14.9 – 15.2. We don’t like buying wave x bounce. As far as 16.46 pivot stays intact, expect silver to turn lower once wave x bounce is complete at 15.9 – 16.
At EWF we offer 24 hour coverage of 42 instruments from Monday – Friday using Elliott Wave Theory as primary tools of analysis. We provide Elliott Wave chart in 4 different time frames, up to 4 times a day update in 1 hour chart, two live sessions by our expert analysts, 24 hour chat room moderated by our expert analysts, market overview, and much more! With our expert team at your side to provide you with all the timely and accurate analysis, you will never be left in the dark and you can concentrate more on the actual trading and making profits. Click for Free 14 day TrialBack