Short term Elliott Wave view suggests the rally in Silver (XAGUSD) to 17.79 ended wave (1) as a 5 waves impulse. The pullback to 17.24 in the metal ended wave (2) with the internal as a double zigzag. Down from 17.79, wave W ended at 17.27, wave X bounce ended at 17.64, and wave Y ended at 17.24. The metal has broken above wave (1) and resumed higher within wave (3).
Up from 17.24, wave ((i)) ended at 17.48, wave ((ii)) pullback ended at 17.31, wave ((iii)) ended at 17.8, and wave ((iv)) ended at 17.80, above from there it ended wave ((v)) of 1 at 18. Expect the metal to pullback in wave 2 of (3) in 3, 7, or 11 swing before the rally resumes. We don’t like selling Silver. As far as pivot at 17.24 low stays intact in the dips, expect the metal to extend higher.
Up from 17.24, wave ((i)) ended at 17.48, wave ((ii)) pullback ended at 17.31, wave ((iii)) ended at 17.8, and wave ((iv)) ended at 17.80, above from there it ended wave ((v)) of 1 at 18. Expect the metal to pullback in wave 2 of (3) in 3, 7, or 11 swing before the rally resumes. We don’t like selling Silver. As far as pivot at 17.24 low stays intact in the dips, expect the metal to extend higher.
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Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.