Though silver prices have rallied, the longer-term trend is pointed lower.
Using Elliott Wave Theory as our guide, silver has been declining in impulse waves and rallying in corrective waves.
Silver may be in a small degree wave ii higher. There are wave relationships and the underside of the purple price channel hovering near $27. We'll likely see some type of a reaction lower should silver make it that high.
Near-term targets to the downside appear in the low 20's with much greater potential.
If silver rallies hard above $27, ignoring $27 like a check engine light on your car, then we will need to consider other alternatives that suggest the correction was a multiple zigzag pattern.
Using Elliott Wave Theory as our guide, silver has been declining in impulse waves and rallying in corrective waves.
Silver may be in a small degree wave ii higher. There are wave relationships and the underside of the purple price channel hovering near $27. We'll likely see some type of a reaction lower should silver make it that high.
Near-term targets to the downside appear in the low 20's with much greater potential.
If silver rallies hard above $27, ignoring $27 like a check engine light on your car, then we will need to consider other alternatives that suggest the correction was a multiple zigzag pattern.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Are you ready to learn Elliott Wave? Take our Free Elliott Wave Readiness Assessment: bit.ly/EWreadinessquiz2
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
seethewaves.com - A school to learn how to read charts & Elliott Wave Theory.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.