Overall, downwards movement was expected for the week for Silver. An inside week sees price move sideways, remaining constrained within support and resistance.
Downwards movement was expected for the week for Silver. This is exactly what has happened.
A trend change was expected for Silver. Instead, it made a new high this week.
Both weekly and daily charts now have candlestick patterns which suggest the next direction.
Again, last week’s analysis expected more upwards movement. The first target was at 18.03, the next at 18.70. Price reached a high at 18.615 for the week.
Last week both Elliott wave counts expected more upwards movement, which is what has happened.
Last analysis expected more upwards movement this week for both Elliott wave counts. This is what has happened.
An upwards breakout continues the upwards trend. Both Elliott wave counts expect the same direction for the short term next week.
Some pullback to relieve extreme conditions was expected to continue for the week. This is exactly what has happened.
At the end of this week, monthly charts are updated and reviewed for Silver.
Upwards movement continued above 16.195. A target was at 16.600. Upwards movement for the week reached 16.541.
A small amount of upwards movement for the week fits both the main bearish Elliott wave count and the bullish Elliott wave count. At this stage, both wave counts expect the same structure is unfolding upwards.
Upwards movement was expected to continue for the week for Silver, but that is not what happened. A strong downwards day on Friday suggests a new alternate wave count, although price remains above invalidation points.
A small range inside week sees both Elliott wave counts unchanged. Price remains well within the channel on the daily chart for the bullish wave count.