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Silver In A Corrective Set-back, Support Seen At 16/16.20

Silver is clearer than Gold, or we shall see more bearish on the short-term chart. What we see on silver is a three wave retracement from the high that is now in progress towards lower levels as latest minor recovery from 16.45 is in three waves, labeled as wave B-circled that may send price down into wave C, towards16/16.20 area.

SILVER 1h Elliott Wave Analysis

SILVER 1-Hour Elliott Wave Analysis Chart

S&P futures market is slow so our view remains unchanged. We still think that price could rally up into wave (c) of D, close to around 20802090 level where resistance could be found. But because of low volume ahead of NFP and holidays break higher may not occur earlier than next week.

S&P500 (June 2015) 1h Elliott Wave Analysis

S&P500 (June 2015) 1-Hour Elliott Wave Analysis Chart

 


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