Category Archives: Silver – Intraday

Silver

Turning The Trend :

Silver seems to have concluded the correction(6.8 percent) in Minor-degree fourth wave down.

Today’s engulfing rally would suggest the trend should have changed to up now.

Silver - Intraday

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Silver

The Silver is consolidating around the $15.93 area, where the Minute waves of a and c (circle) of Minor D, are equal.

Based on this wave count shown on the intraday frame, there is bullish potential for Silver, in expected rally as Minor wave E likely underway.

The $15.81 low should hold, on the immediate bullish outlook.

Silver - Intraday 360

Silver

The bearish outlook :

After correcting the leading diagonal wave (i) through its Fibonacci 0.618 retracement level, Silver seems to have begun its way down.

The outlook is bearish against the 16.76 through the initial target at 14.91, in anticipation of the decline in third waves ahead. The next target is 13.76, where wave (iii) equals 1.618 times the length of wave (i) – a common relationship.

Silver - Intraday 600

Silver

The bearish outlook :

Silver has more likely formed the top of corrective wave (ii), on the Fibonacci 0.618 retracement level at 16.74, and now is poising to fall in impulsive wave (iii) ahead.

Note : I’ve explained the wave c in a completed five-waves, by counting its fifth wave as a truncated wave. Because the triangle of its fourth wave failed.

Silver - Intraday 240

Silver

The short-term bullish alternative in a corrective view :

Silver may thrust in a micro degree fifth wave, from the triangle fourth wave of wave c. And this should be a final move of the overall correction as wave (ii).

The outlook is bullish in short term. The immediate target is 16.91 where wave c = a.

The broader outlook remains bearish in anticipation of the decline in wave (iii) ahead.

Silver - Intraday 240