Last analysis noted Silver had broken below support about 15.65, which had been held for just over a year, and that a small bounce up to resistance at prior support was expected for the week. A small range inside week exactly fits this expectation.
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.
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.
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.
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.