Silver Elliott Wave: Stuck in a Decline

Executive Summary

• The corrective downtrend appears incomplete
• Anticipate new lows below $29.67
• Once, the decline complete, then we are anticipating new highs above $35 in the coming months

Current Elliott Wave Count for Silver Price

The current Elliott wave count on a 4-hour price chart for silver is wave b of (ii). This means silver is about halfway through it’s wave (ii) decline. It is quite feasible for silver to rally back to $31.67 to complete wave b (as a flat pattern) or grind sideways for a couple more weeks in wave b (as a triangle).

Once wave b terminates, then the Elliott wave count we are following anticipates another decline in wave c to finalize wave (ii).

The 78.6% Fibonacci retracement level appears near $28.26, so that is a possible termination zone for wave (ii).

Bottom Line

Silver prices are declining in wave (ii) that may reach $28.26. Meanwhile, a rally to $31.67, isn’t necessary, but would be considered normal to finalize wave b of (ii) and set up the wave c of (ii) decline.

You May Also Be Interested In: