SILVER Elliott Wave Technical Analysis

By: Lara Iriarte | Thu, Sep 12, 2013
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Last week's analysis expected some downwards movement towards a short term target at 22.463 to 22.481 before a trend change and upwards movement.

Price did move a little lower, but not as low as expected, falling 0.239 short of the target. We do not have confirmation of the trend change yet.

When the parallel channel on the hourly chart is breached by upwards movement then I shall have more confidence that the upwards trend has resumed.


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A downwards zigzag is unfolding at primary wave degree. Within the zigzag intermediate wave (A) is complete. Intermediate wave (B) is an incomplete zigzag.

Within minor wave B the structure may be an almost complete zigzag, or this may only be minute wave a of a flat or double for minor wave B.

Minor wave B may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.


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Within minor wave B the structure may be seen as complete. There is no Fibonacci ratio between minute waves a and b of this zigzag.

Ratios within minute wave c are: minuette wave (iii) is 0.043 longer than equality with minuette wave (i), and minuette wave (v) is 0.011 short of 0.236 the length of minuette wave (i).

Use Elliott's technique to draw a parallel channel about minor wave B. Draw the first trend line from the start of minute wave a to the end of minute wave b, then place a parallel copy upon the end of minute wave a. When this channel is clearly breached by upwards movement then we shall have confirmation that the upwards trend has resumed.

At 27.039 minor wave C would reach 0.618 the length of minor wave A. Upwards movement may find resistance at the upper edge of the blue channel drawn about intermediate wave (B) on the daily chart.

While price remains well within the channel on the hourly chart we must accept the possibility that minor wave B may continue lower, but it may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.

 


 

Lara Iriarte

Author: Lara Iriarte

Lara Iriarte
elliottwavegold.com

Lara Iriarte

Elliott wave is one of the more difficult and complicated technical analysis tools. When done right it can be uncannily accurate.

I have been using the Elliott wave principle to analyse up to five markets a day since 2008. I began Elliott Wave Forex (originally ForexInfo.us) in 2009 to provide daily analysis of EURUSD and GBPUSD, then I began Elliott Wave Stock Market in 2010. Elliott Wave Gold began in August, 2013. Currently I provide daily analysis of Gold on this site, and daily analysis of the S&P 500 on Elliott Wave Stock Market for its members.

I have a science background (BSc) which has trained me to think logically and be evidence focussed. Over the years I have seen no market movement which does not fit into the clear and restrictive rules for Elliott wave structures.

I have members who are fund managers, institutional investors and professional traders.

If you want to learn how to apply the Elliott wave principle to any market my analysis service is designed to teach you, daily, how to do this.

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