Category Archives: Silver – Daily

Silver

The medium-term bear trend in its very late stages :

After an impulsive decline in Minute-degree wave a(circle), Silver will soon mount on the same degree wave b(circle), which will result in a final decline in wave c(circle).

With respect to the ending diagonal pattern, the wave structure of the current decline since late November should be traced out in a three-wave.

The extreme point of bullish ending diagonal might be around 13.49, likely in late December.

Silver - Daily

Silver

Ending Diagonal :

Silver continued its impulsive decline to today’s intraday-low, which is very close to the August 26 low at 13.93.

With respect to the ending diagonal pattern, the wave structure of the current decline since late November should be traced out in a three-wave, which its Minute-degree wave a(circle) could be completed now, and the following same-degree waves b(circle) up, then c(circle) down would lie ahead.

The extreme point of bullish ending diagonal might be around 13.46, likely in late December.

Silver - Daily

Silver

Ending Diagonal :

Silver continued its decline that led to today’s intraday low at 14.15.

With respect to the ending diagonal pattern, the wave structure of the current decline since late November should be traced out in a three-wave, which will draw price below the August 26 low.

The extreme point of the bullish ending diagonal might be around 13.46, in late December.

Silver - Daily

Silver

Trend Reversal :

After the bullish ending diagonal in Intermediate degree, unfolding five overlapping waves to the upside, as a leading diagonal in lesser degree, indicates the Silver’s medium-term trend may have turned up.

According to the Elliott Wave Principle, “A leading diagonal in the wave one position is typically followed by a deep retracement.” Hence, correcting through at least the 50 percent of leading diagonal (wave 1) is expected.

Based upon these bullish structures it’s anticipated the August low at 13.93, as a significant extreme, remains intact in medium term.

Silver - Daily

Silver

Trend Reversal :

After the bullish ending diagonal in Intermediate degree, unfolding five overlapping waves to the upside, as a leading diagonal in lesser degree, indicates the Silver’s medium-term trend may have turned up.

“A leading diagonal in the wave one position is typically followed by a deep retracement.” Hence, correcting through 0.618 retracement level of the leading diagonal is expected.

Note : Based upon these bullish structures it’s expected the August low at 13.93, as a significant extreme, remains intact.

Silver - Daily

Silver

Trend Reversal :

Silver closed the week above the extension of wave 2-4 trendline, with respect to the bullish diagonal pattern. This is the first step in confirming a significant trend-change in Intermediate degree.

Short term, the September low at 14.24 should remain intact under this bullish stance.

Silver - Daily

Silver

Bullish Potential :

The structure of Silver’s rise since the August low, has unfolded in three waves of Minute degree (not shown), so far. Tracing out a Minor degree five-up from this low is the wave structure that will confirm the bull trend over the coming months.

Near term, the 14.24 low on Sept. 15 should hold under this bullish case. A decline below this low would complicate the wave structure and turn the bullish stance temporarily neutral.

Silver - Daily

Silver

Bullish Potential :

The strong rally in Silver would suggest that the 13.93 low on Aug. 26 remains intact, that indicates the accuracy of trend reversal.

“An ending diagonal always terminates the trend at a larger degree and a reversal tends to be swift and sharp, retracing back to the origin of the diagonal pattern.”

Silver - Daily

Silver

Bullish Potential :

As explained in the daily frame of Silver, tracing out the five overlapping waves in Minor degree, would suggest to embrace a bullish concept as an “ending diagonal” in Intermediate wave (5) down.

“An ending diagonal always terminates the trend at a larger degree and a reversal tends to be swift and sharp, retracing back to the origin of the diagonal pattern.”

Note : A decline below 13.93, the August 26 low, would instead turn on this bullish potential temporarily neutral.

Silver - Daily