End of week analysis last week expected for the short term to see a sideways consolidation unfold to last a few days. A small range inside week exactly fits this expectation.
Silver was expected to continue to move higher for the week, which is what has happened.
Last analysis for Silver expected sideways movement for a few weeks. Price has moved strongly higher for the last week. The preferred Elliott wave count is slightly adjusted.
The Elliott Wave count this week expects price to move lower in the short term, as price remains range bound. This has support from volume.
Price remains range bound.
A new Elliott wave count this week has a good fit.
Downwards movement has unfolded for the week as expected from technical analysis and the main Elliott wave count.
Upwards movement remains well below the invalidation point on the main preferred Elliott wave count. Both Elliott wave counts remain valid.
Last weekly analysis of Silver expected more downwards movement. This is what has happened.
Friday saw price break out from an identified consolidation zone. This favours the first Elliott wave count.
Price remains range bound again this week.
Volume still suggests the same direction for a breakout, which may come next week.
The consolidation continues. The breakout direction is expected to be the same.
Upwards movement was expected for the week. The weekly candlestick closes green with a higher high and a higher low, which fits expectations.
Price remains range bound. This week On Balance Volume gives an important signal.