Last analysis for silver expected some more downwards movement towards a target at 20.326 before a minor degree trend change.
Price did move lower to 20.512, 0.186 short of the target, and has now clearly turned back upwards.
Click on the charts below to enlarge.
Intermediate wave (B) is unfolding as a simple zigzag. Minor wave A subdivides as a five, and minor wave B is now a complete “three” (a double zigzag).
At 27.417 minor wave C would reach equality in length with minor wave A. Minor wave A lasted 43 days, and minor wave B lasted a Fibonacci 34 days. I would expect minor wave C to last between 34 and 43 days, or thereabouts.
The parallel channel drawn here is Elliott’s technique for a correction. Draw the first trend line from the start of minor wave A to the end of minor wave B, then place a parallel copy upon the end of minor wave A. I will expect minor wave C to find resistance at the upper edge of this channel, and it is most likely to end there.
Within minor wave C no second wave correction may move beyond the start of the first wave. This wave count is invalidated with movement below 20.512.
So far to the upside I expect that there is not quite a completed five wave impulse. The final fifth wave needs to complete.
Within minute wave i minuette wave (iii) is just 0.061 longer than equality with minuette wave (i).
Within minuette wave (v) subminuette wave iii is just 0.07 longer than 1.618 the length of subminuette wave i.
At 23.170 subminuette wave v within minuette wave (v) would reach equality in length with subminuette wave i.
When this fifth wave completes then I will expect a second wave correction for minute wave ii. This should show up on the daily chart as at least one red candlestick, maybe two. It may be deep, and the 0.618 Fibonacci ratio of a completed minute wave i would be the most likely target for it to end.
I have drawn a best fit parallel channel about this upwards movement. When this channel is very clearly breached by downwards movement then I would expect that minute wave ii may have begun.
Minute wave ii may not move beyond the start of minute wave i. This wave count is invalidated with movement below 20.512.