All three Elliott wave counts remain valid. Classic analysis favours the main Elliott wave count.
A new low below 16.173 favours the main Elliott wave count.
Volume suggests the breakout direction from a large symmetrical triangle on the weekly chart.
Price continues to move sideways within a small consolidation. Volume may assist to tell which direction may be most likely for a breakout.
A little more upwards movement was expected before a pullback, but the pullback arrived early.
The pullback was expected to last a few days and so far has lasted 4.
Price has bounced over the last week exactly as last analysis expected it to.
Is the bounce now over?
Price has broken out of a small consolidation. Both Elliott wave counts remain valid.
Silver is consolidating. Volume may suggest the breakout direction.
A small downwards wave to about 16.686 – 16.617 was expected, then a final last upwards thrust to a new high above 17.330. Price did move lower to reach 16.737, 0.051 short of the target zone, and there it turned to move higher.
It is time to step back and look at monthly charts for Silver, including a new alternate that is in line with Gold analysis.
Last analysis had three Elliott wave counts. One wave count was invalidated with a new high above 16.602, so only two wave counts now remain.
Upwards movement was expected for the last week. This is what has happened.
Volume analysis indicates the probability of the Elliott wave counts has shifted for Silver.
The target for downwards movement to end was at 15.262. Price reached 15.525 and has turned there, 0.263 short of the target.
Last analysis expected more downwards movement from Silver for the week, and this is exactly what has happened.
The classic analysis target has been met and exceeded. Price is continuing lower towards the Elliott wave target.