SILVER, very bullish outlook
Hello everyone,
I like to provide you a detailed elliot wave analysis on silver. In my opinion we are in the middle of a higher degree fifth wave. The elliot wave rules I use:
Standard:
- Wave 3 has to be the longest
- Wave 4 can not overlap with wave 1
Advanced:
- Target levels are 1,5 to 1,618 (wave 3) and 2.272 to 2.618 (wave 5)
- Wave 3 needs to show a change of character to wave 1 (usually steeper)
I like to provide you a detailed elliot wave analysis on silver. In my opinion we are in the middle of a higher degree fifth wave. The elliot wave rules I use:
Standard:
- Wave 3 has to be the longest
- Wave 4 can not overlap with wave 1
Advanced:
- Target levels are 1,5 to 1,618 (wave 3) and 2.272 to 2.618 (wave 5)
- Wave 3 needs to show a change of character to wave 1 (usually steeper)
Comment
Wave 4 came in lower as expected, but the rebound was quiet strong, so I expect higher prices this week.Comment
Next target 30,555Comment
It seems like sub wave 5 could have been finished already and didn't reach minimum expectations. It's unusual, but technically possible.
The new invalidation point is 28 dollar and the target still above 30 dollar.
Comment
The only way to interpret the actual price action is, that we completed wave one with a truncated 5th wave and pulled back in wave two.
For this scenario the price should not break the 27 dollar level, otherwise I would expect a deeper pullback towards 26 dollar.
Comment
Finally the expected move materialized. A strong weekly close opens the door for higher prices next week.Disclaimer
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