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.
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.
An upwards swing was expected but did not happen.
Last analysis expected downwards movement, which is what has happened.
Members who took last week’s trading advice to enter short on the bounce of the 14th of June should now have profitable positions. Advice is given this week on how to manage those profitable positions.
Again, price remained within the channel on the first daily chart. There is as yet no confirmation of a trend change.
Price remained within the channel on the daily chart, so more upwards movement was allowed. With no channel breach, there is no indication of a trend change.
Downwards movement was expected for the last week from Silver. Price has moved higher.
After publication of last week’s analysis price broke above the channel on the 2 hourly chart, indicating a trend change. The 0.382 and 0.618 Fibonacci ratios were targets. Price rose up to 17.027, just 0.025 of the 0.382 Fibonacci ratio.
Last week’s analysis provided a trend channel on the 2 hourly chart and advised to assume the downwards trend remained while price remained within the channel. This is what has happened so far.