• 658 days Will The ECB Continue To Hike Rates?
  • 658 days Forbes: Aramco Remains Largest Company In The Middle East
  • 660 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,060 days Could Crypto Overtake Traditional Investment?
  • 1,065 days Americans Still Quitting Jobs At Record Pace
  • 1,067 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,070 days Is The Dollar Too Strong?
  • 1,070 days Big Tech Disappoints Investors on Earnings Calls
  • 1,071 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,073 days China Is Quietly Trying To Distance Itself From Russia
  • 1,073 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,077 days Crypto Investors Won Big In 2021
  • 1,077 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,078 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,080 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,081 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,084 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,085 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,085 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,087 days Are NFTs About To Take Over Gaming?
Market Sentiment At Its Lowest In 10 Months

Market Sentiment At Its Lowest In 10 Months

Stocks sold off last week…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

  1. Home
  2. Markets
  3. Other

SILVER Elliott Wave Technical Analysis

Original published 7th May, 2014.

A new low slightly below 18.585 to 18.581 invalidated last week's wave count for Silver.

I still expect a triangle is completing, but rather than a B wave within a B wave the triangle may be intermediate wave (B) in its entirety.

This makes no difference to the expectation of more sideways movement, but it makes all the difference to the expected direction of the eventual breakout. When sideways movement is done price should break out downwards.

Silver Daily Chart
LargerImage

It still looks like a triangle is forming at the daily chart level. The triangle fits best as a barrier triangle for intermediate wave (B). The B-D trend line is almost perfectly flat.

This wave count expects more choppy overlapping sideways movement with a decrease in volume, and momentum remaining close to zero, for at least another two weeks.

Within the barrier triangle minor wave D may not move substantially below the end of minor wave B. Although it looks most likely that minor wave D is complete now, it could move a little lower. As long as the B-D trend line remains flat this wave count will remain valid.

Minor wave E should subdivide as a single zigzag and may not move above the end of minor wave C at 22.224.

This main wave count expects price to break out to the downside once the sideways structure is complete.

 

Back to homepage

Leave a comment

Leave a comment