Friday saw price break out from an identified consolidation zone. This favours the first Elliott wave count.
Price remains range bound again this week.
Volume still suggests the same direction for a breakout, which may come next week.
The consolidation continues. The breakout direction is expected to be the same.
Upwards movement was expected for the week. The weekly candlestick closes green with a higher high and a higher low, which fits expectations.
Price remains range bound. This week On Balance Volume gives an important signal.
Upwards movement was expected for Silver for the week, which is what has happened.
Last week expected to see Silver either consolidate sideways or bounce higher. Upwards movement is not unexpected.
A bounce was expected to begin this week. Price has moved higher for the week as expected.
A bounce was expected to begin last week. Price moved very slightly lower, but overall the week saw mostly sideways movement to print a doji candlestick.
A consolidation was expected for last week, but Silver has moved lower.
The trend has been identified as down since the break below support on the 17th of July.
Silver was expected to again move sideways for the week, which is what has happened.
Last end of week analysis for Silver expected a consolidation to begin. Sideways movement exactly fits this expectation.
Last week’s analysis expected more downwards movement to end before 14.533, about which a bounce or consolidation was expected. Price moved lower as expected, with the expected limit at 14.533 slightly exceeded before a small bounce.