Silver Elliott Wave Technical Analysis – 5th September, 2013

Last week’s analysis expected a little more upwards movement from Silver before a minor wave B downwards began. We did not see upwards movement; price just moved lower in what is so far a clear three wave structure.

Click on the charts below to enlarge.

Silver weekly 2013

Within the first zigzag in the double, primary wave W, intermediate wave (C) is just 0.67 longer than intermediate wave (A).

Primary wave X is a completed regular contracting triangle.

Primary wave Y is incomplete.

Silver daily 2013

Within primary wave Y intermediate wave (A) is complete. Intermediate wave (B) is an incomplete zigzag.

Ratios within minor wave A are: minute wave iii has no Fibonacci ratio to minute wave i, and minute wave v is 0.06 longer than 0.618 the length of minute wave iii.

Within minor wave B the structure may be an almost complete zigzag, or this may only be minute wave a of a flat or double for minor wave B.

Minor wave B may not move beyond the start of minor wave A. This wave count is invalidated with movement below 18.215.

Silver hourly 2013

Within minor wave B minute wave a is a completed five wave impulse, minute wave b is a completed zigzag, and minute wave c is an incomplete impulse.

There are no adequate Fibonacci ratios between minuette waves (i), (iii) and (v) within minute wave a.

Within minute wave b minuette wave (c) is just 0.005 longer than 0.382 the length of minuette wave (a).

Within minute wave c minuette wave (iii) is 0.081 longer than 2.618 the length of minuette wave (i). We may not see a Fibonacci ratio between minuette wave (v) and either of (iii) or (i). The target is best calculated one degree higher.

At 22.463 minute wave c would reach equality in length with minute wave a. This is close to 22.481 where minor wave B would reach the 0.382 Fibonacci ratio of minor wave a. This gives us a 0.018 target zone for a little more downwards movement.

Within minute wave c minuette wave (v) may be unfolding as an ending expanding diagonal. Within it subminuette wave iv may yet move a little higher, but may not move beyond the end of subminuette wave ii at 23.652.

When minor wave B is complete we may calculate a target upwards for minor wave C. It is most likely to reach equality with minor wave A at 25.120 in length.