Price still remains within an identified consolidation zone. Friday’s strong upwards day lacks support from volume. The breakout from a flag pattern is suspicious.
The week was expected to begin with a little downwards movement to a target at 50.91 to 50.82. The week did begin with a little downwards movement, finding a low at 51.24, 0.33 short of the target zone.
An update for members intra-week, on the 13th of February, indicated a low was likely in place. Thereafter, price has moved higher to end the week.
Price remains range bound and strong support continues to hold. Price points for support and resistance are identified. A breakout is required for confidence in the next trend.
An outside day remains range bound. A breakout from this consolidation is required to indicate the next trend.
A small range inside day leaves all Elliott wave counts unchanged today.
Price remains within the consolidation zone. While strong support holds, the preferred Elliott wave count will remain at a critical juncture.
Last week’s analysis for Silver warned of a possible trend change. Price has moved lower this week, which was expected.
Downwards movement this week fits both short-term outlooks. Classic analysis is used to determine the probability of each with clear price points for a breakout.
Some downwards movement was expected for this week. After a very slight new high on Monday, this is how the week unfolded.