Tuesday, June 17, 2014

Elliott wave analysis of Silver - Next impulsive decline soon?

Silver next impulsive decline soon?

I have been reviewing my long term chart of silver and came to think of the triangle of GBP/USD. This triangle ended with a relative small wave d and e and this could also be the case for silver. I have drawn up the new possible triangle with a thicker blue line.

If this count is correct we should see resistance at 19.99 protect the upside for a break below 19.48 and more importantly below 19.16 for a continuation lower to 18.64 and the 16.43 in wave 3.

A break above 19.99 will invalidate this count, but not necessary the possible new triangle.

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