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.
Upwards movement has continued, which fits the alternate Elliott wave count. The main Elliott wave count is changed this week.
Upwards movement was expected to continue for the week to reach above 15.467. An inside week failed to reach the expected target, but the structure for the Elliott wave count may now be complete.
A breach of 14.990 created the first higher high from the last major high on the 31st of January 2019. At that stage, it was possible there had been a trend change for Silver.
The channel on the daily chart is mostly showing about where bounces have found resistance so far. Price remains below the invalidation point.
Downwards movement was expected from Silver this week, and a lower low and lower high fits this expectation. A strong bounce at the end of the week remains within the channel identified on the daily chart.
Price has moved lower for the week exactly as the last analysis expected.
The upper edge of the channel on the daily chart continues to provide resistance.