SILVER Elliott Wave Technical Analysis
A fourth wave correction has ended as expected, slightly below the target. A final fifth wave up has begun which should unfold over the next few days.
The new downwards trend from the all time high at 49.825 subdivides so far as an incomplete double zigzag.
The first wave down is a three labeled primary wave W.
The two structures are joined by a "three" in the opposite direction labeled primary wave X. Primary wave X is a contracting triangle.
The second zigzag downwards is unfolding. Within it intermediate wave (B) may not move beyond the start of intermediate wave (A). This wave count is invalidated with movement above 34.515.
Within intermediate wave (B) minor wave A subdivides as a five wave impulse. Minor wave B is an incomplete zigzag.
The light aqua blue trend line may provide some resistance to upwards movement.
Minute wave iv is a complete double combination: flat - X - zigzag. It lasted 14 days and is in proportion to minute wave ii.
At 25.54 minute wave v would reach 1.618 the length of minute wave i. At 25.49 minor wave C would reach equality in length with minor wave A. This gives a 5 cent target zone for upwards movement to end.
The upwards sloping pink channel is drwn using Elliott's first technique. For this wave count I would expect Silver to breach the upper edge. I am expecting a fast moving and strong fifth wave up.
Minor wave C is very likely to at least move above the end of minor wave A at 25.118 to avoid a truncation.
So far to the upside it looks like there is a series of three overlapping first and second waves. This indicates we may see an increase in upwards momentum over the next few days.
Micro wave 2 may not move beyond the start of micro wave 1. This wave count is invalidated with movement below 20.814.