Silver (XAGUSD) Elliott Wave Analysis
Silver preferred Elliott Wave view suggests decline from 17.31 – 15.50 was in 3 waves which we have labelled as “W”. Move up from 15.50 is in 3 waves and appear to be an Elliott Wave FLAT which in Elliott Wave Theory is a 3-3-5 structure. We think we have seen wave (( a )) and (( b)) of the FLAT and wave (( c )) is in progress. Metal has already ready tested equal legs of (( a )) – (( b )) at 16.22 but if it’s indeed a FLAT, then another high toward 16.39 – 16.67 should be seen before it turns lower again. As there is a red arrow on the chart so we don’t like buying and favour selling rallies to above mentioned area as far as pivot at 17.31 high remains intact.
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