Elliott Wave Forecast Team
ElliottWave-Forecast.com
With Gold breaking to new all-time high against Yen and Eurodollars, it’s just a matter of time before Gold and Silver breaks to new all-time high against US Dollar. Silver Miners (SIL) ETF leverages the move in the underlying metal. Once Silver starts moving higher with the rest of commodities, the ETF should outperform. Technically, SIL has reached 7 swing extreme area from August 6 peak and it’s the perfect time to start reacting higher. Let’s take a look at the Elliott Wave update below:
SIL monthly Elliott Wave chart
The Monthly Chart above shows that there’s a good chance the ETF has ended ((2)) pullback at $31.54 at the blue box. This blue box is the 100% – 161.8% Fibonacci extension from August 7 peak. It’s still at the early stage before the next big move higher. Expect the ETF to outperform in the many months to come.
SIL daily Elliott Wave chart
The ETF formed wave ((2)) base on January 28, 2022 at $31.54. From there, it rallied in 5 waves and ended wave 1 at $37. Pullback in wave 2 has also ended at $33.69 and the ETF has started to extend higher again. While above $31.54, and more importantly above March 2020 low at $16.76, expect the ETF to continue higher.
FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.
Recommended content
Editors’ Picks
AUD/USD steadies despite rising US inflation, traders eye Aussie WPI
The Australian Dollar registered gains against the US Dollar on Tuesday, even though inflation in the United States edged, spurring hawkish remarks by Fed Chair Jerome Powell. The AUD/USD trades near 0.6624, virtually unchanged as Wednesday’s Asian session commences.
USD/JPY extends its upside above 156.50 ahead of US CPI, Retail Sales data
The USD/JPY pair trades in positive territory for the fourth consecutive day near 156.55 on Wednesday during the Asian session. The uptick of the pair is bolstered by the speculation that the Federal Reserve might maintain rates higher for longer amid the elevated inflation.
Gold price firmer amid mixed US PPI data, Fed’s uncertain on inflation
Gold prices climbed past the $2,359 figure on Tuesday after data released by the US Department of Labor revealed that factory gate inflation rose above estimates, signaling that prices remained elevated. Despite that, US Treasury yields are sliding, a headwind for the Greenback.
Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial
Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease with every passing day.
Is the US Dollar headed for a crash?
Ahead of the US CPI & Retail Sales report, I breakdown how to combine forex fundamentals with technicals to determine whether we've seen a US dollar top?