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Lara Iriarte

Lara Iriarte

I have been using the Elliott wave principle to analyse up to five markets a day since 2008. I began Elliott Wave Forex (originally ForexInfo.us)…

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SILVER Elliott Wave Technical Analysis

Originally posted 4th October, 2013

Movement below 21.216 invalidated last week's wave count. Minor wave B is continuing lower as a double zigzag.

XAG/USD Daily Chart
Larger Image

A downwards zigzag is unfolding at primary wave degree. Within the zigzag intermediate wave (A) is complete. Intermediate wave (B) is an incomplete zigzag.

Minor wave B is an incomplete double zigzag. Within the second zigzag minuette wave (c) is incomplete.

Minor wave B may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.

XAG/USD 1-Hour Chart
Larger Image

Within minuette wave (c) so far there is a zigzag downwards, followed by a zigzag upwards which did not make a new high. This may be an ending diagonal unfolding.

Within an ending diagonal all the sub waves must subdivide as zigzags. The third wave must move beyond the end of the first, so subminuette wave iii must make a new low below 20.623.

If subminuette wave c has begun then within it micro wave A and now B are most likely complete. Micro wave B subdivides as a contracting triangle.

At 20.529 micro wave C would reach 2.618 the length of micro wave A.

If subminuette wave ii continues further it may not move beyond the start of subminuette wave i. This wave count is invalidated with movement above 22.139.

 

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