Elliott Wave Analysis: Silver and Soybean

By: Gregor Horvat | Fri, Dec 9, 2016
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Silver

On the hourly chart of Silver we can see a nice three wave structure to the upside labeled as wave A-B and C of a one higher degree corrective wave B, that seems to be completed as of recent decline. So recent drop suggests that a high was posted at the 17.23 level and more weakness may now be in play. As we see, price is currently trading in a minor corrective wave 2) that could push price lower, once its three wave sub-structure is completed.

Invalidation level is at 17.232- as long as it holds we are looking to the downside.

SILVER, 1h

Silver 1-Hour Chart


Soybean

On the intraday chart of Soybeans we are observing a nice four wave structure to the downside being made, with price specifically trading in final stages of a corrective wave iv. If that is the case then we could be in for more weakness once a minimum three wave sub-structure within this wave iv completes its rally. A nice reversal could later then be seen around the 38.2 or 50.0 Fibonacci ratio, from where bears can take price lower.

SOYBEAN, 30Min

Soybeans 30-Minute Chart

 


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Gregor Horvat

Author: Gregor Horvat

Gregor Horvat
www.ew-forecast.com

Gregor Horvat

Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time.  His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.

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