Silver approaching the ultimate target
Hi Traders,
SILVER (now at $15.33) is fast approaching the predicted target around $14.63.
The precious metal should end the downtrend above the $14.00 area that seems to be the absolute minimum and it's considered an unbreakable support.
If it's true, this would mark the end of the line for the 3.5 years downtrend which should be followed soon by a new major uptrend.
TARGETS
likely: $14.63
possibly: $14.00
ELLIOTT WAVES
The monthly and weekly chart displays the nearing completion of both wave 5 (in red) and wave 3 (in magenta) which will both complete our major wave 4 downwards (in grey).
The daily chart shows that "Wave 5" (in magenta) is on the way to be completed as well but displays only 3 smaller waves down (in red) out of 5.
Usually, the last wave down (daily chart) is made out of 5 waves. However, either my wave count is incorrect or this is a rare case of a final wave made of 3 waves only.
BTW, it wouldn't make much difference. In either cases, it's almost over.
SILVER (now at $15.33) is fast approaching the predicted target around $14.63.
The precious metal should end the downtrend above the $14.00 area that seems to be the absolute minimum and it's considered an unbreakable support.
If it's true, this would mark the end of the line for the 3.5 years downtrend which should be followed soon by a new major uptrend.
TARGETS
likely: $14.63
possibly: $14.00
ELLIOTT WAVES
The monthly and weekly chart displays the nearing completion of both wave 5 (in red) and wave 3 (in magenta) which will both complete our major wave 4 downwards (in grey).
The daily chart shows that "Wave 5" (in magenta) is on the way to be completed as well but displays only 3 smaller waves down (in red) out of 5.
Usually, the last wave down (daily chart) is made out of 5 waves. However, either my wave count is incorrect or this is a rare case of a final wave made of 3 waves only.
BTW, it wouldn't make much difference. In either cases, it's almost over.
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