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The Silver 4 hourly chart reveals an incomplete Elliot Wave impulse sequence from wave (b) high on the chart. It's labeled i-ii-iii-iv-v. Wave iii is the longest wave and its sub-wave of wave iii is also visible.
According to EW theory, once the corrective phase in wave iv is completed an impulse move will follow it in wave v. In Silver's case, the correction unfolded as a double zigzag and also terminated around 50% Fib level. Yesterday daily price action also close as a bearish engulfing bar.
With all the confluence, we can expect Silver to head lower in the short-term. The setup will be considered invalid if the red line on the chart is breached.
What's your view on Silver? Let me know in the comment!
Good luck on the chart,
Veejahbee.
The Silver 4 hourly chart reveals an incomplete Elliot Wave impulse sequence from wave (b) high on the chart. It's labeled i-ii-iii-iv-v. Wave iii is the longest wave and its sub-wave of wave iii is also visible.
According to EW theory, once the corrective phase in wave iv is completed an impulse move will follow it in wave v. In Silver's case, the correction unfolded as a double zigzag and also terminated around 50% Fib level. Yesterday daily price action also close as a bearish engulfing bar.
With all the confluence, we can expect Silver to head lower in the short-term. The setup will be considered invalid if the red line on the chart is breached.
What's your view on Silver? Let me know in the comment!
Good luck on the chart,
Veejahbee.