"No warning can save people determined to grow suddently rich" - Lord Overstone

  • 11 hours The FANG Stock Investors Should Avoid
  • 1 day Is This The Death Of The iPhone X?
  • 2 days Is London Still The Financial Capital Of The World?
  • 2 days Is Gold Staging A Comeback?
  • 2 days The $200 Million ‘Golden Parachute’ For Rupert Murdoch
  • 2 days Bitcoin’s Breakout Is Not As Bullish As it Seems
  • 2 days Farmers On Edge As Trade War Hits U.S. Grain Shipments
  • 2 days Is Silver Poised For A Massive Break Out?
  • 2 days Meet The Hedge Fund Billionaires Club
  • 3 days The Next Housing Crisis Could Be Right Around The Corner
  • 3 days Cartel's, Pirates And Corruption Cost Mexico $1.6 Billion Per Year
  • 3 days Africa’s Fastest Growing Economy
  • 3 days The Blockchain Boom Hits The Utilities Sector
  • 3 days Why Smart Money Is Selling Off Right Before The Bell
  • 3 days Tech Giants Rally Ahead Of Earnings Reports
  • 3 days Global Debt Hits 225% Of GDP
  • 4 days The World’s First Trillionaire Will Be A Space Miner
  • 4 days How Student Debt Could Cause The Next Real Estate Crisis
  • 4 days This $550 Billion Industry Is Betting On Bitcoin
  • 4 days One Commodity Set To Soar On Russian Sanctions
Oligarch Risk: The New Red Flag For Investors

Oligarch Risk: The New Red Flag For Investors

Investors are scrambling to diversify…

The FANG Stock Investors Should Avoid

The FANG Stock Investors Should Avoid

Thanks to a private data…

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)…

More Info

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