Silver Elliott Wave View: Looking Higher
Elliott Wave Forecast | Feb 16, 2017 05:32AM ET
Preferred Elliott wave view in silver suggest that the metal is showing a 7 swing Elliott wave bullish sequence (WXY) from 12/20 lows. Cycle from 1/27 low is also incomplete & favors more upside extension towards 18.31-18.71 area to reach the extreme from 12/20 lows. Near term, the pullback in Minute wave ((x)) ended in 3 swings at 17.22 low. Up from there, Minute wave (x) ended at 18 as an Elliott wave zigzag structure (5-3-5) and Minute wave (x) pullback is proposed complete at 17.75 as an expanded flat structure (3-3-5). Near term, while pullbacks stay above 17.75, and more importantly above 17.22, expect silver to resume higher. A break above 2/14 peak (18.05) will add conviction to the view that silver is ready to resume higher, until then a double correction in Minute wave (x) can’t be ruled out. If the metal breaks below 17.75 instead, it suggests a double correction in Minute wave (x) and open extension lower to 17.59 – 17.67, but even in this case the metal is still expected to resume higher provided that pivot at 17.22 low stays intact.
Silver 1 Hour Chart
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.