Silver is declining precisely from our highlighted resistance zone between 85 and 90 (yellow box), where a sharp and impulsive selloff has emerged. The strength and structure of this decline suggest that further weakness may lie ahead.
We view this move as part of Wave D, which is expected to unfold in a three-wave pattern. As such, additional downside remains likely, potentially targeting the previous subwave B swing lows and the support region between 67 and 72.
Overall, the market may continue to trade within this larger-degree triangle formation, as wave E could still be missing, but the current price action confirms that the decline from the February highs is far from complete. Bears could maintain control and push prices lower later this year, with major support near the 50 level.
We view this move as part of Wave D, which is expected to unfold in a three-wave pattern. As such, additional downside remains likely, potentially targeting the previous subwave B swing lows and the support region between 67 and 72.
Overall, the market may continue to trade within this larger-degree triangle formation, as wave E could still be missing, but the current price action confirms that the decline from the February highs is far from complete. Bears could maintain control and push prices lower later this year, with major support near the 50 level.
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Join the community for one week, full access. Its free >> @ wavetraders.com/elliott-wave-plans/
Learn Elliott Waves Sale-65%
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Learn Elliott Waves Sale-65%
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Newsletter
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.