Silver Short term Elliott Wave view suggests that the decline to December 12.2017 low 15.60 ended Intermediate wave (X). A rally from there is unfolding as an impulse Elliott Wave structure with extension in 3rd swing higher, where each leg has internal oscillations of 5 waves thus favoring it to be an impulse. These 5 waves move higher, either ended Minor wave A in an Impulse sequence followed by another extension higher in C leg higher or a wave C of a FLAT correction from 10/06 low (16.31). In both cases, the metal should pull back in 3 waves at least as the Elliott Wave Theory suggests.
Up from 15.60 low Minute wave ((i)) ended at 16.13, Minute wave ((ii)) ended 15.81 low, Minute wave ((iii)) ended in 5 waves at 17.22 high. Minute wave ((iv)) ended at 16.96 low and above from there metal ended Minute wave ((v)) of A at 17.25 on 1/04 peak. Below from there, the metal is correcting the 12.12.2017 cycle in Minor wave B pullback in 3, 7 or 11 swings. And as far as a pivot at 15.60 low stays intact metal is expected to resume higher. Near-term focus remains towards 16.77-16.51 100%-161.8% Fibonacci extension area to end the 3 wave correction and from there it can resume the rally in wave C or bounce in 3 waves and extend the correction in wave B in the form of 7 or 11 swings before it turns higher again. We don’t like selling it into a proposed pullback.
Silver 1 Hour Elliott Wave Chart
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