SILVER Elliott Wave Technical Analysis

By: Lara Iriarte | Wed, Jul 2, 2014
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Originally published July 1, 2014.

Upwards movement continues. The triangle for Silver, as it is for Gold and GDX, is incomplete.

Silver Weekly Chart
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The triangle for intermediate wave (B) is almost a complete barrier triangle.

When I am confident that the triangle for intermediate wave (B) is complete I can then calculate a downwards target for intermediate wave (C) for you. I cannot do that yet because I don't know where it begins.

Intermediate wave (B) may not move beyond the start of intermediate wave (A) at 34.515.

Silver Daily Chart
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The triangle structure is correct and close to completion.

Within minute wave c the final fifth wave is incomplete. At 21.74 minute wave c would reach 2.618 the length of minute wave a. At 21.71 minuette wave (v) would reach 0.382 the length of minuette wave (iii).

I will use the channel on the hourly chart as first indication of a trend change. If price continues higher to complete a five wave structure for minuette wave (v) and then turns downwards, price movement below 20.774 would confirm a trend change. At that stage I would have confidence that the triangle for intermediate wave (B) is over and intermediate wave (C) downwards has begun.

Silver Hourly Chart
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I have redrawn the channel about minute wave c using Elliott's second technique: first draw a trend line from the ends of minuette wave (ii) to (iv) (see (ii) on the daily chart), then place a parallel copy on the end of minuette wave (iii). I would expect minuette wave (v) to remain within the lower half of this channel.

When this channel is breached by downwards movement that shall be the earliest indication of a possible trend change.

I would only have confidence in this trend change with movement below 20.774 after minuette wave (v) is complete. At that stage downwards movement could not be a second wave correction within minuette wave (v) and so minuette wave (v) would have to be over.



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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