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.
An inside week closes red. Downwards movement was expected for this week, which is mostly what has happened.
Overall, more downwards movement was expected for the main Elliott wave count. This is mostly what has happened, although the week closed as an outside week.
Downwards movement was again expected for the week. An outside week completes, with the bounce at the end of the week remaining below the Elliott wave invalidation point.
Downwards movement was expected for the week. A lower low and a lower high fits this expectation.
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.