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.
The main Elliott wave count expected downwards movement to continue for Silver, which is what has happened.
A strong upwards week fits the larger expectations for the preferred Elliott wave count.
The upwards breakout noted last week has turned out to be false. Price is back within the consolidation zone.
A bounce was again expected. Price has made a new high this week so far. The target is not yet met.
Price continues to move sideways within a small consolidation. Volume may assist to tell which direction may be most likely for a breakout.
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.
Silver is consolidating. Volume may suggest the breakout direction.