SILVER Elliott Wave Technical Analysis
Originally published 5th March, 2014.
Last analysis expected a three wave movement upwards for an X wave which is exactly what happened. The structure of the current correction is incomplete. I would expect overall another six days minimum of choppy overlapping movement.
Minute wave iv may be unfolding as a double combination in order to show structural alternation with minute wave ii. So far within the combination the first structure, minuette wave (w), is an expanded flat correction.
Sideways movement continues. Minute wave iv is incomplete.
Minuette wave (x) unfolded as expected as an upwards zigzag.
Overall I expect more very choppy overlapping movement for minute wave iv for about another six days minimum, but it may last longer. It may find support at the lower end of the pink parallel channel.
Minute wave iv may not move into minute wave i price territory. This wave count is invalidated with movement below 20.359.
Minuette wave (w) subdivides perfectly as an expanded flat correction.
Minuette wave (y) may be either a flat, zigzag or triangle correction (in order of probability). If it is a flat then minute wave iv would be a double flat. If it is a zigzag or triangle then minute wave iv would be a double combination. The purpose of double flats and double combinations is the same: to move price sideways and take up time.
Within minuette wave (y) so far the first downwards wave of subminuette wave a looks best as a zigzag. This indicates that minuette wave (y) may be most likely a flat correction or possibly a triangle. Either structure would be expected to move price overall sideways for a few days yet.
If minuette wave (y) is a flat correction then within it subminuette wave b must reach a minimum of 90% the length of subminuette wave a at 21.6575.
If minuette wave (y) is a triangle there is no minimum upwards point that subminuette wave b must reach.
The whole structure for minute wave iv, whether it be a double flat or a double combination, should move price sideways. This means the second structure in the double is likely to end about the same level as the first. Minuette wave (y) is likely to end about 21.002 or a little below this point, but not significantly below.