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Price of Silver: Upside Could Be Limited

The price of silver managed to run away from the lows around $15. During the last two weeks the precious metal made a couple of jumps, which led prices above 16.50 as of today. However, this recovery could be limited under the $17 mark. The Elliott Wave analysis of silver’s price action will show you why.
price of silver 21.11.14
“If it is not an impulse, it must be a correction.” Well, the above-shown chart certainly does not depict an impulsive five-wave sequence. Instead, it looks more like a double zig-zag, labeled W-X-Y. Furthermore, wave “b” of Y seems to be a triangle. Triangles precede the final move of the larger pattern. In this case, the final move is wave “c” of Y. According to the theory, corrections are supposed to be fully retraced. If this is the right count, we should expect the whole recent recovery to be erased. We should not be surprised by price of silver below $15.



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