SILVER EW LONG TERM PREDICTION $39,4
Updated
Forecasting the 5th wave with Elliot Wave.
Distance from start wave 1 to end wave 3, then using the golden ratio of 0.618 we can find the length of wave 5.
Add to bottom of the 4th wave, and you have a very likely terminal level of wave 5.
The 5th wave can never be longer than the 3th wave.
3th wave:
from $8.96 to $49.7 (length increase of around $40.74)
5th wave:
from $11.22 to AT LEAST 0.618 fibonacci of around $39.47 (MINIMUM TARGET)
Potentially SILVER can rise to around $50 (AT THE MOST) which would form a double top (5th wave can never be longer than the 3th wave which was $40.74 in length)
Distance from start wave 1 to end wave 3, then using the golden ratio of 0.618 we can find the length of wave 5.
Add to bottom of the 4th wave, and you have a very likely terminal level of wave 5.
The 5th wave can never be longer than the 3th wave.
3th wave:
from $8.96 to $49.7 (length increase of around $40.74)
5th wave:
from $11.22 to AT LEAST 0.618 fibonacci of around $39.47 (MINIMUM TARGET)
Potentially SILVER can rise to around $50 (AT THE MOST) which would form a double top (5th wave can never be longer than the 3th wave which was $40.74 in length)
Comment
We can potentially have a 5th Wave Extension so the 5th Wave can be longer than the 3th wave, but I don't think it's likely on the silver chart because we dropped so low in the 4th wave.Comment
Statistic says that in 90% of the time extension occurs in wave 3 which makes it the most powerful wave.Comment
I believe we are looking at a truncated 5th wave. A truncated pattern is where wave 5 is shorter than wave 4 and does not go beyond the 3th wave.Wave 5 is either equal in length of wave 1 / OR either 0.618 or 0.382 X the net of waves 1 through 3 ("Elliott Wave Principle” by Frost & Prechter, chapter 4: ratio analysis).
In my analysis wave 5 has the same length as 0.618 X the net of waves 1 through 3.
49,80 (top wave 3) - 4,1 (bottom wave 1) = 45,7 (net waves 1 through 3)
45,7 (net waves 1 through 3) X 0.618 = 28,2
$11.2 (bottom wave 5) + 28,2 = $39,4
Comment
Comment: In case we have a /WallStreetBets frenzy we could have an extended wave 5 in which case it might spike to $85 !!Extended Wave 5 =
either 0.618 x length (beginning of Wave 1 to top of Wave 3) = $39
OR = EQUAL to the length of (beginning of Wave 1 to top of Wave 3) = $56
OR = 1.618 x length of (beginning of Wave 1 to top of Wave 3) = $85
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