Elliott Wave Analysis: Silver and Soybean
On the hourly chart of Silver we can see a nice three wave structure to the upside labeled as wave A-B and C of a one higher degree corrective wave B, that seems to be completed as of recent decline. So recent drop suggests that a high was posted at the 17.23 level and more weakness may now be in play. As we see, price is currently trading in a minor corrective wave 2) that could push price lower, once its three wave sub-structure is completed.
Invalidation level is at 17.232- as long as it holds we are looking to the downside.
On the intraday chart of Soybeans we are observing a nice four wave structure to the downside being made, with price specifically trading in final stages of a corrective wave iv. If that is the case then we could be in for more weakness once a minimum three wave sub-structure within this wave iv completes its rally. A nice reversal could later then be seen around the 38.2 or 50.0 Fibonacci ratio, from where bears can take price lower.