Silver Possible Scenario? (10 Feb, 2021)
Federal Reserve Chairman Jerome Powell said Wednesday, a "patiently accommodative monetary policy stance" is important to boost the labor market and the overall economy following a stall in recent months, so more quantitative easing.
Although it is not the best looking Elliott analysis looking at its shape, but staying above the critical zone could push silver to target the 28.65 (100% Fibonacci Extension level) before continuing its way down (Scenario 1) and target the previous wave 4. This critical zone has proven itself to be a very strong level as it turned from a strong resistance to support many times. However, if somehow silver broke the critical zone, it could go down and reach 25.74 as the first target and 24.60 as the second one (Scenario 2).
Although it is not the best looking Elliott analysis looking at its shape, but staying above the critical zone could push silver to target the 28.65 (100% Fibonacci Extension level) before continuing its way down (Scenario 1) and target the previous wave 4. This critical zone has proven itself to be a very strong level as it turned from a strong resistance to support many times. However, if somehow silver broke the critical zone, it could go down and reach 25.74 as the first target and 24.60 as the second one (Scenario 2).
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