A small bounce was expected to begin for this week, which is exactly what has happened.
Last week’s analysis expected more downwards movement for Silver. A lower low and a lower high for the week meet this expectation.
Last week’s analysis expected a downwards trend to resume, which is exactly what has happened.
The bounce continued for the week. Price has remained below the invalidation point on the main daily Elliott wave count.
A target for the bounce to end was at 15.70. Price did continue higher for the week, but only to 15.517.
More downwards movement was expected for the week for Silver after a small consolidation. Price did continue lower before reversing.
Downwards movement was expected for the week for Silver, which is exactly what has happened.
A very slight new high for the week sees targets slightly adjusted for Silver. The short-term expectation for next week’s direction is the same for both Elliott wave counts. This is supported by classic technical analysis.
Last week’s analysis for Silver expected more downwards movement. A lower low and lower high for the week fits expectations.
Last week’s analysis for Silver warned of a possible trend change. Price has moved lower this week, which was expected.
A target for upwards movement to end was at 16.13 to 16.23. The high for this week is 16.166, within the target zone.
Sideways movement was expected to end at some stage this week and be followed by upwards movement. Friday’s strong upwards day is exactly what was expected.
Price remains above the invalidation point for both Elliott wave counts.