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.
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.