Silver, intraday bullish signs

On the 30-minute chart of Silver we see a clear five-wave impulse to the upside, which puts our bigger picture scenario into action. However, according to the Elliott Wave Principle, after every five waves we should expect a three-wave move in the opposite direction. That is why we are waiting for wave (2)/B down, as shown on the chart below, before another rally begins.

silver 5.5.14.

Our expectations for a temporary pull-back are further supported by a typical bearish divergence between waves 3 and 5, shown by the Relative Strength Index indicator. If this is the correct count, silver could drop down to 19.20, before the resumption of the uptrend. This scenario would be invalidated, if price falls under 18.67.

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