Trust Amplify Junior Silver Miners ETF – SILJ Elliott Wave technical analysis [Video]
|Trust Amplify Junior Silver Miners ETF – SILJ (one-day) Elliott Wave technical analysis
Daily chart
Function: Major Trend.
Mode: Motive.
Structure: Impulse.
Position: Wave [iii] Navy.
Direction: Rally.
Details:
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Wave 3 is close to entering the most powerful part of the impulse: the third of a third of a third wave.
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This move will follow after the completion of the current wave (ii) retracement. A final three-wave correction to the downside is expected to finish wave (ii).
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Once wave (ii) ends, a strong rally surpassing the $15.17 high should begin.
Invalidation Level: $11.57
Trust Amplify Junior Silver Miners ETF – SILJ (four-hour) Elliott Wave technical analysis
Hourly chart
Function: Major Trend (Minor Degree, Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave (iii) of [iii].
Direction: Uptrend.
Details:
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SILJ has now entered the most anticipated stage of the rally.
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The current move is expected to be strong and nearly vertical in behavior.
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Wave (iii) should easily surpass the $14.50 high and continue moving higher.
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Entry points and stop-loss levels are provided on the chart.
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Invalidation level: $11.58.
Conclusion
The Elliott Wave analysis summary for SILJ is:
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SILJ continues its rally and the uptrend is now mature.
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This point is crucial for traders aiming to move with the trend, not against it.
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The $11.58 level remains the key invalidation point for the bullish scenario.
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Following Elliott Wave principles and monitoring invalidation levels are essential steps to manage trading risks effectively.
Trust Amplify Junior Silver Miners ETF – SILJ Elliott Wave technical analysis [Video]
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