Silver Should Fall Further Lower Before Bulls Resume
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The rapid sell-off on Silver from wave (b) high is taking the shape of Elliot Wave five-wave impulse pattern.
Price has already completed the first three waves and currently in wave iv.
Wave iii is the longest impulse and its sub-waves are also visible. Once wave iv finds resistance, which is most likely around the 38.2 Fib level and base trendline we can expect another impulse down to complete the five-wave structure.
Once the five-wave pattern is completed, we can expect a strong rally in silver.
What's your view on this precious metal? Let me know in the comment.
Thanks,
Veejahbee.
The rapid sell-off on Silver from wave (b) high is taking the shape of Elliot Wave five-wave impulse pattern.
Price has already completed the first three waves and currently in wave iv.
Wave iii is the longest impulse and its sub-waves are also visible. Once wave iv finds resistance, which is most likely around the 38.2 Fib level and base trendline we can expect another impulse down to complete the five-wave structure.
- The break of the green line will confirm the bears have resumed.
- Once the price breach the green line our invalidation level will be above 38.2 Fib line.
- Targets below wave iii low is plausible in days ahead.
Once the five-wave pattern is completed, we can expect a strong rally in silver.
What's your view on this precious metal? Let me know in the comment.
Thanks,
Veejahbee.
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