Price has continued lower during the week as was expected from the last Elliott wave analysis. On Balance Volume continues to be a reasonably reliable indicator.
A break below support from On Balance Volume indicated more downwards movement. After that bearish signal that is what has happened.
More upwards movement was expected to about 20. Price moved slightly higher after last analysis before turning at 18.207.
More upwards movement was expected from last week’s analysis. This is what has happened.
A pullback was expected to move price lower to about 16, but this is not what happened. Price has moved higher.
Upwards movement was expected last week for Silver. Price has moved sideways, with a slightly higher high.
A downwards swing was expected, but it was much more shallow than the target.
A pullback continued as expected from last analysis.
Upwards movement continued at the start of the week towards the target. After almost reaching the target on the second Elliott wave count, and finding resistance at its channel, Silver has turned down.
Last week’s Elliott wave analysis expected upwards movement to continue to about 17.30 in the first instance. So far upwards movement has continued as expected, reaching 0.56 short of the first target.
Last analysis expected a new low to 15.17 before a trend change. There was no new low, but there has been a bounce.
Last analysis expected a downwards breakout below support at 16.05 – 15.70. This happened on the 7th of July.
An upwards swing was expected but did not happen.