SILVER Elliott Wave Technical Analysis

By: Lara Iriarte | Wed, Mar 12, 2014
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A fourth wave correction has ended as expected, slightly below the target. A final fifth wave up has begun which should unfold over the next few days.

Silver Weekly Chart
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The new downwards trend from the all time high at 49.825 subdivides so far as an incomplete double zigzag.

The first wave down is a three labeled primary wave W.

The two structures are joined by a "three" in the opposite direction labeled primary wave X. Primary wave X is a contracting triangle.

The second zigzag downwards is unfolding. Within it intermediate wave (B) may not move beyond the start of intermediate wave (A). This wave count is invalidated with movement above 34.515.

Within intermediate wave (B) minor wave A subdivides as a five wave impulse. Minor wave B is an incomplete zigzag.

The light aqua blue trend line may provide some resistance to upwards movement.

Silver Daily Chart
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Minute wave iv is a complete double combination: flat - X - zigzag. It lasted 14 days and is in proportion to minute wave ii.

At 25.54 minute wave v would reach 1.618 the length of minute wave i. At 25.49 minor wave C would reach equality in length with minor wave A. This gives a 5 cent target zone for upwards movement to end.

The upwards sloping pink channel is drwn using Elliott's first technique. For this wave count I would expect Silver to breach the upper edge. I am expecting a fast moving and strong fifth wave up.

Minor wave C is very likely to at least move above the end of minor wave A at 25.118 to avoid a truncation.

Silver Hourly Chart
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So far to the upside it looks like there is a series of three overlapping first and second waves. This indicates we may see an increase in upwards momentum over the next few days.

Micro wave 2 may not move beyond the start of micro wave 1. This wave count is invalidated with movement below 20.814.



Lara Iriarte

Author: Lara Iriarte

Lara Iriarte

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 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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