Silver rally from zero line to 2011 peak was in big 3 waves. Since then, we have seen a big 3 waves drop to 100% extension at 13.76 and metal has started bouncing again. This 100% extension was also the 76.4 % Fibonacci retracement of the rally from zero line. Cycle from 2011 peak appears to have completed and if Silver goes lower from here, it the next 100% extension will take it below zero and we don’t see value of Silver dropping below zero. That’s why we can’t be too bullish the USDX at current levels which can still make another high in daily chart in second dimension but we think looking at the sequence in Silver, it’s a mistake to be too bullish the US Dollar. To see our preferred Elliott wave count in Silver, EURUSD, US Dollar and other instruments, sign up for a Free 14 day Trial here.
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