Again, last week members were warned to look out for the potential for a short-term pullback. Price has moved to a new swing low, so a new Elliott wave count is developed that has support from volume analysis.
Last week members of Elliott Wave Gold were warned to look out for the potential for a short-term pullback before upwards movement resumed. Monday and Tuesday saw price move lower, then the rest of the week saw a recovery exactly as expected.
Upwards movement was expected to resume for this week, which is exactly what has happened.
A little downwards movement for the week with declining volume leaves both Elliott wave counts unchanged.
Monthly Elliott wave charts are updated for Silver.
Last week’s analysis expected a pullback to continue towards a target at 16.86. The week saw price move lower to 16.897, just 0.037 short of the target.
Downwards movement was again expected as overall for Silver. The week ended strongly lower with a red candlestick with a long upper wick.
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.