Elliott Wave Analysis: Is Silver Stuck In A Triangle Or Already In A New Reversal Higher ?

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On Silver we have two counts, the first one being an Elliott Wave triangle in wave 4 and the second one making an reversal towards higher level after a probable bottom had been found for the higher degree wave B) or II) correction.

Regarding the first count we see Silver trading in blue wave 4, displaying qualities of an EW triangle pattern that could be near completion as we can see wave E) in progress. A triangle correction is a continuation pattern that occurs prior to the final wave, and can in our case push price lower after its completion. When sub-waves D) and B) are breached the EW triangle will be regarded as completed, and more weakness will follow in wave 5 of C.

SILVER, 4H (Primary count)

SILVER 4

Elliott Wave Triangle:

triangle

On the second count we see higher degree correction completed and a possible reversal taking place, with price now specifically trading in wave C or 3.  If price breaches the 16.23 level then this would be the first confirmation for higher levels to follow.

SILVER, 4H (Secondary Count)

silver 4 2..

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Gregor Horvat
Chief Technical Strategist