Silver moved higher and now we have that fifth wave up, final part in wave C which means that we should be aware of a bearish reversal. Notice that price is now also testing technical resistance at 20.40/50 where wave C equals to wave A. There is also a bearish divergence on the RSI, suggesting that upside is limited.
Last week we were tracking bullish count on NASDAQ100 and highlighted a coming fifth wave which is unfolding very nicely. We should see five waves up from wave (iv) low before rally can be finished. At the moment that’s still not the case so prices will stay in bullish mode. A current pullback from the highs is most likely red subwave iv) that may send market up to 3530 /3540 in the next few sessions.
NASDAQ100 (Dec 2013) 1h
Written by www.ew-forecast.com