Elliott Wave Analysis of Silver - Huge Cup With Handle developing
An 8 year Cup with handle has been developing in silver and the formation is about to be triggered. A break above the neckline at 29.90 will activate the huge bottom formation for a rally towards at least 39.90 and ideally closer to the 161.8% extension target at 50.95.
Support is currently seen at 27.60 with key-support seen at 26.04 which will need to protect the downside for the expected break above 29.90.
An unexpected break below 26.04 will call for a new dip to 21.90 before pushing higher again.
Remember the trend and patience are your friends
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