Tuesday, June 17, 2014
Elliott wave analysis of 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.
If you like this post, then you should consider joining the Elliott Wave Surfer Service by clicking the like and see what I have to offer