Last week’s analysis for Silver expected more downwards movement. A lower low and lower high for the week fits expectations.
Last week’s analysis for Silver warned of a possible trend change. Price has moved lower this week, which was expected.
A target for upwards movement to end was at 16.13 to 16.23. The high for this week is 16.166, within the target zone.
Sideways movement was expected to end at some stage this week and be followed by upwards movement. Friday’s strong upwards day is exactly what was expected.
Price remains above the invalidation point for both Elliott wave counts.
End of week analysis last week expected for the short term to see a sideways consolidation unfold to last a few days. A small range inside week exactly fits this expectation.
Silver was expected to continue to move higher for the week, which is what has happened.
Last analysis for Silver expected sideways movement for a few weeks. Price has moved strongly higher for the last week. The preferred Elliott wave count is slightly adjusted.
The Elliott Wave count this week expects price to move lower in the short term, as price remains range bound. This has support from volume.
Price remains range bound.
A new Elliott wave count this week has a good fit.
Downwards movement has unfolded for the week as expected from technical analysis and the main Elliott wave count.
Upwards movement remains well below the invalidation point on the main preferred Elliott wave count. Both Elliott wave counts remain valid.
Last weekly analysis of Silver expected more downwards movement. This is what has happened.