Silver's current Elliott wave pattern appears to be a triangle. Triangle's unfold in 5 waves and silver's triangle is near the end of the 5th wave. Prices may dip to $24.75 where a couple wave relationships exist. Silver does not have to dip and this would not be a tradeable move lower.
Parallel waves in the triangle tend to have 61.8% or 78.6% distance relationships. Wave C = .786 x Wave A. Also, Wave D = .618 x wave B.
Based on the general look of the structure and some geometry within the structure forming, it does appear we may be on the finishing stages of a triangle pattern.
If this triangle is the pattern, then silver may dip to $24.75 though it doesn't have to. This is a bullish chart to new highs
If silver runs up to new highs, this may suggest a weakening dollar which is what we've discussed on some of the forex pairs in the Elliott Wave Weekly Report.
Good luck!
Parallel waves in the triangle tend to have 61.8% or 78.6% distance relationships. Wave C = .786 x Wave A. Also, Wave D = .618 x wave B.
Based on the general look of the structure and some geometry within the structure forming, it does appear we may be on the finishing stages of a triangle pattern.
If this triangle is the pattern, then silver may dip to $24.75 though it doesn't have to. This is a bullish chart to new highs
If silver runs up to new highs, this may suggest a weakening dollar which is what we've discussed on some of the forex pairs in the Elliott Wave Weekly Report.
Good luck!
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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.