Preferred Elliott wave view in Silver suggest that the metal is showing the 7 swings bullish sequence from 12/20 lows, Also the cycle from 1/27 low is incomplete & favoring more upside extension towards 18.31-18.71 area to reach the extreme from 12/20 lows. Silver short term the pullback in minute wave ((x)) ended in 3 swings at 17.22 low. Up from there cycle ended in 3 swings as zigzag structure (5,3,5) at 17.985 in minutte wave (w), where within that cycle minutte wave (a) ended at 17.84 & minutte wave (b) at 17.51. Metal has made a marginal push higher yesterday & turns out be a flat correction in minutte wave (x), which ended at yesterday’s low at (17.70), while dips remains above there & most importantly as far as pivot from 17.22 low remains intact metal has scope to resume higher. However break of yesterday’s peak (18.05) is needed for final conviction to the current view. IF it manages to break yesterday’s low (17.70) from here then metal can see 17.69-17.52 area next, where buyer’s should be waiting there for 3 swing bounce at least.
Silver 1 hour Chart
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