Elliott Wave analysis: Rally on silver can extends above $23

Gregor Horvat Wavetraders

Silver is still trading in a monthly correction within wave (B)/(2), but bears slowed down after reaching 20.00 support area which is fine as we can count five waves down from 26.20, within extended wave 3. We know that correction is normal in these developments so ideally, this is now a temporary pause within a downtrend; a bear market rally in wave 4, that can possibly reach even 23.28 resistance of a former wave four. Gold/silver ratio also can be looking for a lower prices which is bullish metals, short-term.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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