Hello fellow traders. Another instrument that we have been trading lately is SILVER ( $XAGUSD ) . In this technical blog we’re going to take a quick look at the Elliott Wave charts of SILVER, published in members area of the website. As our members know, SILVER is showing Impulsive sequences in the cycle from the March low, calling for further rally. Consequently, we advised members to avoid selling SILVER and keep on buying the dips in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast.
SILVER 1 Hour Elliott Wave Analysis 7.28.2020
Current view suggests SILVER is trading within March cycle that is unfolding as impulsive structure. The price made clear 3 waves pull back that reached blue box area at 22.74-21.43 ( buying zone). We got nice reaction shortly after. As the bounce has already reached 50 fibs against the middle pivot (b) blue, all long positions should be risk free per our Official Trading Strategy. Now we expect to see further separation from the low ideally.
SILVER 1 Hour Elliott Wave Analysis 7.31.2020
We got nice reaction so far. The price is still trading sideways in short term. As far as the price stays above 22.218 low, we see (4) blue pull back completed there and looking for further extension up. We would like to see break above (3) blue peak 07/28 which will confirm next leg up is in progress. Alternatively if the price breaks below 22.21 low, we would buy SILVER again at the next set of equal legs (blue box area).
SILVER 1 Hour Elliott Wave Analysis 08.05.2020
Eventually we got rally as expected. The price has made new high , confirming further extension up ideally. The commodity is now bullish against the 22.27 low and should ideally keep finding buyers in 3,7,11 swings as far as that pivot holds.
Keep in mind that market is dynamic and presented view could have changed in the mean time. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room. You can check most recent charts in the membership area of the site.
Elliott Wave Forecast