Silver on A Bull Run! – Elliott wave analysis

July 30, 2020 Off By admin-445

Hello traders,
Silver is recovering with impulsive price action from 11.60 lows. We see waves 1 and 2 as completed, so current price activity from 14.48 level can belong to a wave 3 of a higher degree. Wave 3 is an impulse, therefore five legs must be structured, before resistance may be seen, and a wave 4 correction of a higher degree may show up.
Silver, daily

On the 4h chart of silver we can see metal at the end of a sub-wave iii of 3, so let us be aware of a minor corrective set-back as wave iv, which can start forming from around the 22.5/23.0 level. 
A wave iv is a correction and may slow bulls temporarily down. It may form a flat, zig-zag or a double zig-zag move.
Silver, 4h