Silver Price Analysis: Silver probably rising in C leg of Measured Move

Silver has broken out of the falling channel it was in and is rallying.
It could be in the wave C of a Measured Move, indicating it has higher to go.
Silver is probably in a short-term uptrend now, with the odds favoring more upside.

Joaquin Monfort FXStreet

Silver (XAG/USD) has decisively broken out of the descending channel it was in during the second half of May and June. This is a bullish sign and suggests the pair is now in a short-term uptrend. Given that “the trend is your friend” the odds favor a continuation higher.

Silver Daily Chart

A further bullish sign is that Silver is probably forming a Measured Move (MM) price pattern. MMs are composed of three waves, sometimes labeled A,B and C; they resemble large zig-zags.

Interpreted as an MM, the rally during the start of May could be considered its wave A, the whole of the falling channel its wave B, and the breakout from the channel, the start of wave C.

As a minimum, wave C will probably reach the 0.618 extrapolation of wave A at $32.75. If wave C is the same length as A – as is often the case – then it could reach $35.00.

Silver has also now broken above a major resistance level at the top of a four-year consolidation zone, a further longer-term bullish indication.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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