Silver has started this week bullish. Will this be sustained or the bears will take control? The 30 July Silver Elliott wave analysis has the following clues.
Last week, Silver completed the 4th wave of an emerging bearish impulse wave. In fact, we identified the 4th wave as a double zigzag pattern. Price fell just as expected. The drop was expected to continue this week to $15 or its neighborhood. However, price started this week bullish. Is today’s rally part of the 5th wave or price is now close to returning upside? The chart below was used in the last update.
Just as expected, price rallied further to 15.66 to complete the double zigzag wave (iv) and started dropping. With the breakout below the zigzag channel, we would expect Silver to plunge further and lose a further 50 points at $15. The invalidation price for this forecast is above 15.668. Stay tuned for the next update.
30 July Silver Elliott wave analysis: what next?
After the drop to 15.30 last week, price is now making a corrective rally. This could continue up to 15.6. The rally is now identified as the 2nd sub-wave of wave (v) which should continue up to 15 or below. On the other hand, a break above 15.66 would invalidate this forecast. Sellers can look for opportunity after the bearish breakout of the channel of the corrective wave ii) (in blue). Stay tuned for the next update.
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