• 747 days Will The ECB Continue To Hike Rates?
  • 748 days Forbes: Aramco Remains Largest Company In The Middle East
  • 749 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,149 days Could Crypto Overtake Traditional Investment?
  • 1,154 days Americans Still Quitting Jobs At Record Pace
  • 1,156 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,159 days Is The Dollar Too Strong?
  • 1,159 days Big Tech Disappoints Investors on Earnings Calls
  • 1,160 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,162 days China Is Quietly Trying To Distance Itself From Russia
  • 1,162 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,166 days Crypto Investors Won Big In 2021
  • 1,166 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,167 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,169 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,170 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,173 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,174 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,174 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,176 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

  1. Home
  2. Markets
  3. Other

SILVER Elliott Wave Technical Analysis

Last analysis of Silver expected downwards movement towards a mid term target at 18.999. Price has moved lower. The target has not yet been reached, and the structure is incomplete. The target remains the same.

XAG/USD Chart - 1 Day Data
Larger Image

Minor wave B is an almost complete zigzag, which is within a bigger zigzag trending upwards one degree higher for intermediate wave (B). Because within intermediate wave (B) minor wave A subdivides as a five wave structure, minor wave B may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.

Within minor wave B minute wave a subdivides nicely as a leading expanding diagonal. Within the leading diagonal all the subwaves are zigzags except the third wave which is an impulse. For this piece of movement this structure has the best fit.

Minute wave b is labeled as an expanded flat correction. Within it minuette waves (a) and (b) both subdivide as three wave zigzags, and minuette wave (b) is a 106% correction of minuette wave (a). There is no Fibonacci ratio between minuette waves (a) and (c).

Minute wave c is an incomplete impulse. At 18.591 minute wave c would reach equality in length with minute wave a.

The narrow channel drawn about minute wave c is drawn using Elliott's second technique. Draw the first trend line from the ends of minuette waves (ii) to (iv), then place a parallel copy upon the end of minuette wave (iii). Downwards movement may end close to the mid line of this channel.

At 18.999 minuette wave (v) would reach equality with minuette wave (i). This would see the fifth wave truncated, which is possible after a strong extended third wave. Equality with the first wave is the most common ratio for a fifth wave, so that is what I am using for this target calculation.

Within minuette wave (v) no second wave correction may move beyond the start of its first wave. This wave count is invalidated with movement above 20.489.

XAG/USD Hourly Data Chart
Larger Image

Within minute wave v there is now a completed five wave structure downwards, and a three wave structure upwards. This is most likely subminuette waves i and ii now complete.

Ratios within subminuette wave i are: micro wave 3 is just 0.029 short of 4.236 the length of micro wave 1, and micro wave 5 has no Fibonacci ratio to either micro waves 3 or 1.

Within subminuette wave ii there is no Fibonacci ratio between micro waves A and C.

Subminuette wave iii must make a new low below the end of subminuette wave i at 19.305, and must move far enough below this price point to allow enough room for subminuette wave iv to unfold and not move back into subminuette wave i price territory.

I have drawn an acceleration channel about subminuette waves i and ii. Subminuette wave iii should breach the lower edge of this channel. On the way down any corrections should find resistance at the upper edge of this channel.

Within subminuette wave iii no second wave correction may move beyond the start of its first wave. This wave count is invalidated with movement above 20.279.

I would expect the target at 18.999 to be reached within two weeks.

 

Back to homepage

Leave a comment

Leave a comment