Elliott Wave Analysis: Silver and Soybean

By: Gregor Horvat | Fri, Dec 9, 2016
Print Email

Silver

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.

SILVER, 1h

Silver 1-Hour Chart


Soybean

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.

SOYBEAN, 30Min

Soybeans 30-Minute Chart

 


Interested in our services? Then visit our homepage at www.ew-forecast.com and take a glace at some of our charts. You can even subscribe to our Twitter account -> @ewforecast

 


 

Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/

Copyright © 2013-2017 Gregor Horvat

All Images, XHTML Renderings, and Source Code Copyright © Safehaven.com