A downwards breakout was expected to be about a week or two away. The downwards breakout has come, about a week earlier than expected.
Some downwards movement for the very short term was expected by the preferred Elliott wave count. This is exactly what has happened to end the trading week.
Last analysis expected a pullback, which has arrived. The last three sessions have seen price fall for Silver.
Last Elliott wave analysis advised to assume the trend remains the same until proven otherwise. More upwards movement continues the trend, but it is now weakening.
A small bounce continued as the hourly Elliott wave counts expected. Price remains within the channels.
More upwards movement was expected from last week’s analysis. This is what has happened.
Trading advice given in last analysis favoured the bullish scenario. Members who opened a hedge or long positions should have profits.
The target for more upwards movement was 1,277, but it has not been met yet. Price did make a slight new high.
Last analysis expected a downwards breakout below support at 16.05 – 15.70. This happened on the 7th of July.
Last week expected a small consolidation short term, which is what has happened.
On Balance Volume gave a signal early in the week that a deeper pullback may unfold. Price found support at the Fibonacci 55 day moving average before turning upwards.
A pullback was expected for Silver. Price continued higher with a small sideways movement during the week.
Last week expected a pullback to begin for Silver either at the high for the 23rd of March, or very soon. This is not what has happened. Price has continued to move higher.