🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Silver Elliott Wave View: Calling Higher

Published 02/14/2017, 06:45 AM
Updated 03/09/2019, 08:30 AM
XAG/USD
-
SI
-

Preferred Elliott wave view in Silver suggest that the metal is showing the 7 swings bullish sequence from 12/20 lows, Also the cycle from 1/27 low is incomplete and favoring more upside extension towards 18.31-18.71 area to reach the extreme from 12/20 lows.

Silver short term the pullback in minute wave ((x)) ended in 3 swings at 17.22 low. Up from there cycle ended in 3 swings as zigzag structure (5,3,5) at 17.985 in minutte wave (w), where within that cycle minutte wave (a) ended at 17.84 and minute wave (b) at 17.51.

Below from 17.985 peak metal is correcting the cycle from 17.22 low in minutte wave (x) pullback as double correction, where it has ended the sub minutte wave w at 17.73 and sub minutte x at 17.85 peak. And should be looking lower initially towards 17.70-17.66 area to see a sub minutte bounce in wave b. Afterwards it is expected to trade lower towards 17.59-17.42 equal legs area from 17.985 peak within sub minutte wave y lower before metal resumes the upside or bounces in 3 swings at least to correct the cycle from 17.985 peak.

Silver 1 hour chart

Silver 1 hour chart 02/14/2017

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.