SILVER Elliott Wave Technical Analysis

By: Lara Iriarte | Thu, May 8, 2014
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Original published 7th May, 2014.

A new low slightly below 18.585 to 18.581 invalidated last week's wave count for Silver.

I still expect a triangle is completing, but rather than a B wave within a B wave the triangle may be intermediate wave (B) in its entirety.

This makes no difference to the expectation of more sideways movement, but it makes all the difference to the expected direction of the eventual breakout. When sideways movement is done price should break out downwards.

Silver Daily Chart
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It still looks like a triangle is forming at the daily chart level. The triangle fits best as a barrier triangle for intermediate wave (B). The B-D trend line is almost perfectly flat.

This wave count expects more choppy overlapping sideways movement with a decrease in volume, and momentum remaining close to zero, for at least another two weeks.

Within the barrier triangle minor wave D may not move substantially below the end of minor wave B. Although it looks most likely that minor wave D is complete now, it could move a little lower. As long as the B-D trend line remains flat this wave count will remain valid.

Minor wave E should subdivide as a single zigzag and may not move above the end of minor wave C at 22.224.

This main wave count expects price to break out to the downside once the sideways structure is complete.

 


 

Lara Iriarte

Author: Lara Iriarte

Lara Iriarte
elliottwavegold.com

Lara Iriarte

Elliott wave is one of the more difficult and complicated technical analysis tools. When done right it can be uncannily accurate.

I have been using the Elliott wave principle to analyse up to five markets a day since 2008. I began Elliott Wave Forex (originally ForexInfo.us) in 2009 to provide daily analysis of EURUSD and GBPUSD, then I began Elliott Wave Stock Market in 2010. Elliott Wave Gold began in August, 2013. Currently I provide daily analysis of Gold on this site, and daily analysis of the S&P 500 on Elliott Wave Stock Market for its members.

I have a science background (BSc) which has trained me to think logically and be evidence focussed. Over the years I have seen no market movement which does not fit into the clear and restrictive rules for Elliott wave structures.

I have members who are fund managers, institutional investors and professional traders.

If you want to learn how to apply the Elliott wave principle to any market my analysis service is designed to teach you, daily, how to do this.

Copyright © 2013-2014 Lara Iriarte

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