Preferred Elliott wave view in silver suggest that the metal is showing a 7 swing Elliott wave bullish sequence (WXY) from 12/20 lows. Cycle from 1/27 low is also incomplete & favors more upside extension towards 18.31-18.71 area to reach the extreme from 12/20 lows. Near term, the pullback in Minute wave ((x)) ended in 3 swings at 17.22 low. Up from there, Minute wave (x) ended at 18 as an Elliott wave zigzag structure (5-3-5) and Minute wave (x) pullback is proposed complete at 17.75 as an expanded flat structure (3-3-5). Near term, while pullbacks stay above 17.75, and more importantly above 17.22, expect silver to resume higher. A break above 2/14 peak (18.05) will add conviction to the view that silver is ready to resume higher, until then a double correction in Minute wave (x) can’t be ruled out. If the metal breaks below 17.75 instead, it suggests a double correction in Minute wave (x) and open extension lower to 17.59 – 17.67, but even in this case the metal is still expected to resume higher provided that pivot at 17.22 low stays intact.
Silver 1 Hour Chart
