The bearish outlook :

Silver has more likely formed the top of corrective wave (ii), on the Fibonacci 0.618 retracement level at 16.74, and now is poising to fall in impulsive wave (iii) ahead.

Note : I’ve explained the wave c in a completed five-waves, by counting its fifth wave as a truncated wave. Because the triangle of its fourth wave failed.

Silver - Intraday 240

2 thoughts on “Silver

  1. Raj


    Thanks for all your lovely charts. Although i don’t trade most of the metals that you update regularly. i only trade EU, gold and oil from your charts. Us dollar index charts are very helpful as well. Just one question, do you think eur/usd has topped out on i’s 4 th wave or is there still more to go. It has not reached the 161.8 yet which is why i am puzzled. If possible please reply. Gbp/usd seems to have topped and it seems like the 2nd wave is on at the moment. probably the election will move it down on it’s 3rd wave … hopefully. I just wish you can do some occasional updates on other major currencies. Anyway you are doing a lot already and i thank you very much for that. Have a great weekend .

  2. elliottchart Post author

    Thank you. The Cable’s potential is the same as the Euro, as you pointed. You can follow my views about this market, based upon its opposite correlation with Euro, on the British Pound posts.


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