Silver looking for a top – Elliott wave analysis
|Hello traders,
Silver is recovering in a five-wave movement from the 11.60 level. We see wave 5 now underway, which is final wave of an uptrend, and which can look for resistance and a temporary top at the 19.30/19.8 region. Once wave 5 develops its minor, five-wave structure, like all impulses, and once the lower Elliott wave channel line gets broken, that is when metal can start declining into an A-B-C correction.
Support for an A-B-C setback can be at the 16.92/16.4 region.
Silver, daily
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