Last analysis noted that Silver had strong support about 15.65. A downwards breakout below long held support was expected as more likely than upwards. Price closed at 15.485 this week, giving a classic downwards breakout.
Last week’s analysis expected a small bounce, which did not happen.
Volume, RSI and Stochastics are used this week to determine the strength or weakness of this new low.
A little more downwards movement was expected from last week’s classic technical analysis.
At least four Elliott wave counts remain valid, so classic technical analysis is vital to indicate which one is most likely.
More downwards movement was expected for last week, which is exactly what happened for Silver. The weekly candlestick closed red, with a lower low and a lower high.
Another upwards week fits the main Elliott wave count.
Price moved very strongly lower on Friday but remains above the Elliott wave invalidation point.
Last week’s analysis expected an upwards trend to develop. A slightly higher high and a higher low completes a green weekly candlestick, which fits expectations.
Silver remains range bound. All Elliott wave counts remain valid.
A pullback was expected for the short term. Thereafter, upwards movement has resumed.
An upwards week was expected from last analysis. The week began with a move lower, which hit support, and then bounced strongly from there to complete a long legged doji candlestick.
A bounce was again expected. Price has made a new high this week so far. The target is not yet met.
A bounce was again expected, but price continues to move overall sideways.
A little more downwards movement to end within the range of 16.173 to 15.874, or at target 16.093, was expected before a trend change. Price moved slightly lower, turning at 16.106, within the range and just 0.013 above the target.
All three Elliott wave counts remain valid. Classic analysis favours the main Elliott wave count.