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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 October 8, 2013.

Last analysis was invalidated with movement above 22.139. The wave count has necessarily changed.

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

Upwards movement was minuette wave (b) extending higher. At this stage it is not confirmed as complete. I want to see a clear channel breach and movement below 22.114 before I have confidence in a trend change. At that stage I will calculate a downwards target for minuette wave (c).

Minuette wave (b) may not move beyond the start of minuette wave (a) within this zigzag. This wave count is invalidated with movement above 23.417.

 

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