SI_F (Silver) is showing an incomplete Elliott Wave sequence from 11.9.2016 peak. There are 5 swings down from 11.9.2016 peak which makes short-term sequence bearish against 12.7.2016 (17.25) peak. Decline from 18.99 – 16.14 was a 3 wave move labelled wave W followed by a 3 wave bounce to 17.25 that completed wave X. Down from 17.25 peak, we have already seen 7 swings lower to 15.85 but we have not yet reached 0.618 Fibonacci extension of wave W-X so while below 16.26, SI_F (Silver) has scope to extend lower towards 15.46 – 15.04 area to complete wave ((w)). Afterwards, it should bounce to correct the decline from 15.25 peak and turn lower again towards 14.92 – 14.37 area provided pivot at 15.25 high remains intact during the proposed bounces. We don’t like buying the metal in proposed bounces and expect short-term sellers to appear in 3, 7 or 11 swings as far as pivot at 17.25 high remains intact.
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