Last week’s analysis for Silver was extremely bearish. Price has consolidated sideways.
Downwards movement was expected. Although Silver has not made a new low below the prior low three weeks ago, it did move lower for the week.
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.
The main Elliott wave count expected downwards movement to continue for Silver, which is what has happened.
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.
A strong upwards week fits the larger expectations for the preferred Elliott wave count.
An inside week does not change the overall analysis.
For the short term, On Balance Volume suggests what may happen early this week.
Silver remains range bound. All Elliott wave counts remain valid.
A pullback was expected for the short term. Thereafter, upwards movement has resumed.
The upwards breakout noted last week has turned out to be false. Price is back within the consolidation zone.
For the short term, a downwards swing within a consolidation was expected and overall an upwards breakout looked more likely thereafter. The upwards breakout has come sooner than expected.
A bounce was again expected. Price has made a new high this week so far. The target is not yet met.