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Elliott Wave Analysis: EURUSD and SILVER

EURUSD spiked down to 1.0600 but that's still not enough to put a top in place, simply because reversal from recent high is not that strong. In other words, current leg down can easily be wave four as well as a more complex ending diagonal! So, at this stage it will be important to see a daily close price; below 1.0580 would mean that pair is headed lower, while rise back above 1.0700 would indicate another push up to 1.0740/60 before market may finally come down. But generally, however, I believe that eventually EURUSD will resume its longer downtrend; sometimes it’s just tricky to call end of a complex corrective rally.

EURUSD, 1H

EUR/USD 1-Hour Chart

Silver reached our projected zone this week near 17.25 at triangle measurement from where strong turn lower has occurred in the last 24 hours. It looks like a strong downward reaction, so wave 5) completed wave 1 of a higher degree, about I warned you a few days back. If we are on the right track, then bearish three wave retracements are now in play, ideally back to 16.50-16.60 area.

SILVER, 1H

Silver 1-Hour Chart

 


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