SILJ Elliott Wave technical analysis [Video]

SILJ Elliott Wave analysis

Function: Major Trend.

Mode: Motive.

Structure: Impulse.

Position: Wave [iii] Navy.

Direction: Rally.

Invalidation level: $10.01.

Details:

• Wave 3 is nearing its strongest part – the third of a third of a third.

• After wave (ii) finishes its current retracement, a new rally is expected.

• A short-term three-wave correction is still needed before wave (ii) completes.

• Once done, the price is expected to move significantly above the $15.17 high.

This chart reflects a strong bullish outlook. The market is forming a high-momentum phase. Traders should anticipate the next leg up after the wave (ii) correction finishes. The invalidation level at $10.01 remains crucial — a break below this would negate the current bullish count.

SILJ Elliott Wave analysis

Function: Major Trend (Minor Degree – Gray).

Mode: Motive.

Structure: Impulse.

Position: Wave (ii) of [iii].

Direction: Minor Decline.

Invalidation level: $10.01.

Details:

• Wave (i) of [iii] has finished. Wave (ii) is now forming.

• Expect wave (ii) to decline sharply, likely within Fibonacci retracement zones.

• This drop sets the stage for a powerful bullish wave (iii).

• From a trading view, we are in the setup phase, aiming to catch the next big rally.

This setup phase is crucial. Traders should prepare during the wave (ii) correction for an entry into wave (iii), which typically offers strong upside potential.

Conclusion

• SILJ remains in an early-stage uptrend, with momentum expected to build.

• Patience is key while wave (ii) finalizes — this is the setup for the next rally.

• The $10.01 level is vital. A drop below this invalidates the bullish outlook.

• Traders must follow Elliott Wave principles and protect against invalidation to manage risk effectively.

Technical Analyst: Simon Brooks.

SILJ Elliott Wave analysis [Video]