Originally posted 26th September, 2013.
Last analysis expected upwards movement for Silver. The target was 26.09.
Price moved upwards and was 2.673 short of the target. It made a new high, then turned lower, and has been moving sideways for four days.
Downwards movement looks like a typically deep second wave correction. Price remains above the invalidation point on the hourly chart.
A downwards zigzag is unfolding at primary wave degree. Within the zigzag intermediate wave (A) is complete. Intermediate wave (B) is an incomplete zigzag.
Within minor wave B the structure may be an almost complete zigzag, or this may only be minute wave a of a flat or double for minor wave B.
At 28.121 minor wave C would reach equality with minor wave A.
Within minor wave C no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 21.216.
Sideways movement for the last four days looks like a combination or double flat unfolding. It would be incomplete; one more final small wave down should complete it.
At this stage the combination looks like a double. When this second structure labeled subminuette wave y is completed the probability that the correction is complete will be extremely high. The only way it could continue would be as a very rare triple.
At 24.55 minute wave iii would reach 1.618 the length of minute wave i. This target should be about 5 to 8 days away.
Minuette wave (ii) within minute wave iii may not move beyond the start of minuette wave (i). This wave count is invalidated with movement below 21.291.