Downwards movement for a pullback was expected for Friday’s session. A lower low and a lower high is the definition of downwards movement, and this is what was seen for Friday.
Last week expected a pullback to begin for Silver. Price has edged up slowly all week.
A small correction unfolded over the last week as expected.
Sideways movement was again expected for Monday’s session. Price moved slowly higher in a small range, mostly fitting expectations.
Last analysis expected a deep pullback was close to complete (the target was at 16.666). Price moved slightly lower to reach 16.831, 0.165 above the target, before turning.
Last weekly analysis expected a violent downwards breakout as likely. This is exactly what happened.
Alternate wave counts are now invalidated.
Price moved into the target zone, which was 1,197 to 1,192, and then turned upwards to print a green daily candlestick.
Silver has continued lower over the last few days as expected from last week’s analysis. The target remains the same.
Price continued lower as the two preferred hourly wave counts expected.
The classic technical analysis picture has changed this week for US Oil. On Balance Volume is now giving a strong signal as to which direction price may break out.
Price has been consolidating now for about twelve weeks. There will be a breakout and it may come soon.
Two hourly Elliott wave counts were provided yesterday. The first hourly wave count is now looking more likely.
Last week expected a pullback for Silver.
Price moved higher for three days. Thereafter, it has turned down strongly.
This consolidation has now lasted for about 12 weeks. The breakout should come soon now.
Volume and On Balance Volume are giving strong signals as to which direction the breakout is most likely to be. Members are offered some advice on how to approach this market this week.