Downwards movement was expected to continue for the week, which is exactly what has happened.
The Elliott wave structure is used to indicate when and where bounces may occur. Candlestick patterns and volume are used to guide the Elliott wave count.
A breach of 14.990 created the first higher high from the last major high on the 31st of January 2019. At that stage, it was possible there had been a trend change for Silver.
A new high above 1,346.45 was expected for the main Elliott wave count, although some further consolidation was expected first.
An inside day with relatively weak volume fits the expectations for some consolidation after a blow off top. The final target zone remains the same.
A sharp upwards spike completes a strong candlestick pattern today, which suggests the next direction for at least a few days.
A small consolidation or pullback was expected to begin within this upwards movement. Today that may have arrived, as the short-term expectation for yesterday’s hourly chart anticipated.
Upwards movement was expected to continue, which is exactly what has happened. A new high above 1,311.40 early in the session added confidence to this expectation.
The channel on the daily chart is mostly showing about where bounces have found resistance so far. Price remains below the invalidation point.