• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 695 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 700 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 710 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 715 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 715 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
Strong U.S. Dollar Weighs On Blue Chip Earnings

Strong U.S. Dollar Weighs On Blue Chip Earnings

Earnings season is well underway,…

How Millennials Are Reshaping Real Estate

How Millennials Are Reshaping Real Estate

The real estate market is…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

  1. Home
  2. Markets
  3. Other

SILVER Elliott Wave Technical Analysis

Originally published 28th November, 2014.

Last Elliott Wave analysis of Silver expected upwards movement which is what has happened. This correction is incomplete. I have a new alternate daily wave count for you.

Silver Elliott Wave Daily Chart
Larger Image

If intermediate wave (C) is incomplete then only minor wave 1 within it is done. Minor wave 2 may not move beyond the end of minor wave 1 above 21.579.

Minor wave 2 is most likely to end about the 0.618 Fibonacci ratio of minor wave 1 at 18.812. It should subdivide as a clear three.

Within minor wave 2 minute wave a is a completed leading contracting diagonal. Minute wave b is incomplete. If my analysis of minute wave a as a five wave structure is correct then minute wave b may not move beyond the start of minute wave a below 15.067. If this invalidation point is breached then my analysis of minute wave a as a five is wrong and it may have been a three. Silver usually has clear threes and fives, but not always. I am reasonably confident 15.067 will not be breached because the upwards wave fits best and looks like a five.

When minute wave b looks like a three on the daily chart then I would expect a five up for minute wave c. When I know where minute wave b ends and minute wave c begins I can calculate a target for upwards movement using the ratio between a and c. I cannot do that yet.

Alternate Wave Count

Silver Elliott Wave Alternate Wave Count Daily Chart
Larger Image

By simply moving the degree of labelling within intermediate wave (C) up one degree it is possible that the recent trend change was at cycle degree for Silver. If intermediate wave (C) is over then it was 0.285 longer than 0.382 the length of intermediate wave (A).

This works also for GDX, but it does not work for Gold well at all. Because Gold has the greatest volume and so the clearest looking waves I would let Gold lead here, and so I think this alternate idea for both Silver and GDX has a low probability. If any one of these three markets confirms this alternate (in the case of Gold if its wave count is invalidated at the daily chart level) then I would expect a all three markets may have seen a big trend change.

Within the new upwards trend no second wave correction may move beyond the start of its first wave below 15.067. Minute wave ii should unfold further as a clear three on the daily chart. It is probably not over yet, and I would expect it to continue for another two (minimum) or six days. It should be choppy and overlapping, mostly sideways. While this unfolds for Silver and GDX, Gold may be completing its second wave correction and beginning a 1-2 for the start of its third wave up.

 

Back to homepage

Leave a comment

Leave a comment