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
At Elliottwave-Forecast, we offer 24 hour coverage of 52 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. Check out our 14 day Trial to sample everything we have to offer.