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, but price continues to move overall sideways.
A bounce was expected to continue. Price began the week to make new highs and thereafter a pullback has remained above the short term invalidation point.
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.
Price has bounced over the last week exactly as last analysis expected it to.
Is the bounce now over?
Silver is consolidating. Volume may suggest the breakout direction.
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.