Monthly Elliott wave charts are updated for Silver.
Last week’s analysis expected a pullback to continue towards a target at 16.86. The week saw price move lower to 16.897, just 0.037 short of the target.
Downwards movement was again expected as overall for Silver. The week ended strongly lower with a red candlestick with a long upper wick.
Overall, downwards movement was expected for the week for Silver. An inside week sees price move sideways, remaining constrained within support and resistance.
Downwards movement was expected for the week for Silver. This is exactly what has happened.
A trend change was expected for Silver. Instead, it made a new high this week.
Both weekly and daily charts now have candlestick patterns which suggest the next direction.
Again, last week’s analysis expected more upwards movement. The first target was at 18.03, the next at 18.70. Price reached a high at 18.615 for the week.
Last week both Elliott wave counts expected more upwards movement, which is what has happened.
Last analysis expected more upwards movement this week for both Elliott wave counts. This is what has happened.
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.