#Silver bearish counter trend opportunity
As seen in the chart, silver has formed a 5-wave bullish impulsive move and has since begun a bearish move, which could be labeled as wave A.
As we know, corrective waves typically occur in three waves. I believe we are nearing the completion of wave B, which could lead to another bearish leg to complete wave C.
This entire 3-wave bearish move could then form wave 2 of 5 on a higher degree.
Therefore, while we might be looking at a short-term bearish move, according to Elliott Wave theory, there is still significant bullish potential in the coming weeks.
As we know, corrective waves typically occur in three waves. I believe we are nearing the completion of wave B, which could lead to another bearish leg to complete wave C.
This entire 3-wave bearish move could then form wave 2 of 5 on a higher degree.
Therefore, while we might be looking at a short-term bearish move, according to Elliott Wave theory, there is still significant bullish potential in the coming weeks.
Trade closed: target reached
What a nice Elliot wave analysis, wont you agree?
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Related publications
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.