Last analysis had two targets for upwards movement. The first target at 21.872 has been reached and slightly passed (by 0.176 to 22.048) and the structure is complete. I expect upwards movement to stop here and a sideways correction to begin which should last about 18 days.

Click on the charts below to enlarge.

Silver daily 2013

I had expected minute wave iii to end in either a Fibonacci 13 or 21 days, and I had favoured the longer duration. I now expect that it is over and it has ended in 13 days.

I expect the upwards trend to be interrupted here by a sideways consolidation for minute wave iv.

Minute wave ii was a deep expanded flat correction. Given the guideline of alternation I expect minute wave iv to be a double combination or triangle. It is most likely to be relatively shallow ending about the 0.382 Fibonacci ratio of minute wave iii at 20.793.

Minute wave ii lasted 18 days. I would expect minute wave iv to be about the same duration.

Use Elliott’s first technique to draw a channel about minor wave C. Draw the first trend line from the highs labeled minute waves i to iii, then place a parallel copy on the low labeled minute wave ii. I expect minute wave iv to find support at the lower edge of the channel, if it gets down that far.

Minute wave iv may not move into minute wave i price territory. This wave count is invalidated with movement below 20.359.

Silver daily 2013