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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

The wave count was invalidated with downwards movement. I was too quick to label the C wave of the triangle as complete.

Overall the wave count remains the same.

XAG/USD Daily Chart
Larger Image

Minor wave B still looks like it is unfolding as a regular contracting triangle. Within the triangle minute wave c now has a better more typical look, and so with this anlaysis I am more confident it is finally over. Minute wave c is now an 82% correction of minute wave b which is a very typical length and gives the triangle the "right look".

This wave count now expects more upwards movement to complete minute wave d as a single zigzag.

Minute wave d may not move beyond the end of minute wave b above 22.224.

If minute wave c continues lower it may not move beyond the end of minute wave a at 18.585.

Overall this wave count expects to see very choppy, overlapping sideways movement for a few weeks yet in an ever decreasing range.

XAG/USD Hourly Chart
Larger Image

The structure of minute wave c is complete and looks clearly like a "three" on the daily chart.

Within minute wave d no second wave correction nor B wave may move beyond its start below 19.232.


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