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 week’s analysis expected a small bounce, which did not happen.
Volume, RSI and Stochastics are used this week to determine the strength or weakness of this new low.
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.
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.
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.
An upwards week was expected from last analysis. The week began with a move lower, which hit support, and then bounced strongly from there to complete a long legged doji candlestick.
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, 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.