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.
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.
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.
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.