Elliott Wave on Silver

By: Dan Stinson | Wed, Oct 25, 2006
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Triangle breakout is near

Short Term Forecast

Silver appears to be in a triangle pattern currently in wave (E) down. We should see minor downside for Silver before a reversal and subsequent breakout to the upside. The downside could complete as wave (C) down or we could see further sideways action in wave (E) into the apex of the triangle. Our Gold, USD, Euro and CAD charts all support the Silver count as they are close to a reversal as well. We will monitor all of these charts to forecast a potential bottom in the metals. The recent newsletter for the USD illustrates a move higher to the 88 area before a reversal. This advance in an ending diagonal for the USD, so it could actually complete in the 87-88 area. The chart below illustrates that the corrective action for Silver since May 2006 is completing as a triangle.

When we see the price action for Silver break above the top horizontal line on the chart, it will confirm the breakout above the top trendline. A break below the the lower horizontal lines will be short term bearish and indicate that a larger WXY corrective pattern is in play.

These charts are only a guide so that you can follow the action and watch for the expected bottoming action in the triangle. The action could play out exactly as illustrated or it may need adjustments as we follow it through. Our charts on the currencies support minor downside for the metals and we can monitor the action to determine a turning point.

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Dan Stinson

Author: Dan Stinson

Dan Stinson
Elliott Wave Chart Site

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