Hello fellow traders. Recently we were forecasting the rally in commodities like SILVER and GOLD. As our members know, GOLD has been showing an incomplete sequence from August 16, 2018 low. Consequently, we were expecting SILVER to follow the same path due to strong correlation they have. We advised members to avoid selling those commodities while keep favoring the long side, especially in GOLD due to clearer sequences. We already have long positions in GOLD as explained in previous blog. In this technical blog we’re going to take a quick look at the Elliott Wave charts of SILVER, published in members area of the website.
SILVER 1 Hour Elliott Wave Analysis 7.13.2019
SILVER ended wave 2 red pull back as Elliott Wave Double Three structure ((w))((x))((y)) at 14.87 low. The commodity found buyers at the blue box area 14.93-14.81 and gave us decent bounce already. At this stage we are calling short term pull back (ii) completed, forecasting further strength as far as the price stays above (ii) blue low and more importantly as far as pivot at 14.87 stays intact.
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.
SILVER 1 Hour Elliott Wave Analysis 7.16.2019
We got rally in the commodity. Wave (ii) low held well during the short term pull backs, and we got further separation from the 14.87 low. Now, we need to see break above 06/21 peak to confirm next leg up is in progress.
Reminder: Turning Black arrows shows the path we prefer , but highest probability path is not the same as highest probability trade which is why we focus on green / red right side tags or bullish / bearish sequence combined with blue boxes to trade.
SILVER 1 Hour Elliott Wave Analysis 7.18.2019
SILVER has given us rally as expected. Eventually the price broke above 06/21 peak and more importantly above 02/20 peak. Break of February peak made November 2018 cycle incomplete to the upside. At this stage SILVER is bullish against the 14.27 low.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
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