Silver Looking for a Top – Elliott Wave Analysis

Silver is recovering in a five-wave movement from the 11.60 level. We see wave 5 now underway, which is final wave of an uptrend, and which can look for resistance and a temporary top at the 19.30/19.8 region. Once wave 5 develops its minor, five-wave structure, like all impulses, and once the lower Elliott wave channel line gets broken, that is when metal can start declining into an A-B-C correction. Support for an A-B-C setback can be at the 16.92/16.4 region.

Silver, daily