close icon

Silver Prices: Correction Within Uptrend

The first of December was an interesting day for silver. At first, prices fell to as low as 14.33, but this weakness turned out to be short-lived. By the end of the day silver prices climbed up to 16.80. The wave structure of this 2.5-dollar rise increases the odds in favor of a larger uptrend ahead.
silver prices 6.12.14
The above-shown chart shows a nice five-wave impulse to the upside. However, every five-wave sequence is followed by a three-wave correction in the opposite direction. In terms of the Elliott Wave Principle, this means we are probably in the middle of the corresponding retracement, but as long as 14.33 stays untouched, the bulls are still in charge. If this is the correct count, the price of silver should be expected to find support in the face of one of the three key Fibonacci levels – 38.2%, 50% or 61.8%. After that, silver prices should exceed the top of 16.80.



Stay informed with our newsletter

Latest Elliott Wave analysis on different topics delivered to you weekly.

Privacy policy
You may also like:

Doctor Copper Says Things Are Better Than They Seem

The price of copper is known to reflect the state of the world economy. It is closely related to infrastructure and manufacturing spending, which tend to increase during a strong economy and contract in a weak one. So it is a little surprising to see copper prices rally in the middle of the greatest crisis…

Read More »

Fibonacci Support Helps Copper Bulls Gain Control

Yesterday, we shared our bullish stance on Freeport-McMoran stock. But of course, Freeport-McMoran is pretty much a pure copper play. Therefore, in order for the stock to climb, the price of copper must climb, as well. Similarly to Freeport stock, the price of copper rose between 2016 and 2018 and has been declining for the…

Read More »

Palladium Gets Interesting as it Approaches New High

Two months ago, the price of palladium was hovering around $1425 following a recovery from as low as $1325. Unfortunately for the bulls, the structure of the decline from $1615 to $1325 suggested still lower targets were plausible. The chart below, published on April 21st, visualizes the reason for our pessimism. The hourly chart of…

Read More »

Copper Bulls Ready to Attack the $3 Mark?

A little over a months ago the price of copper was hovering above $2.92/lb., following a recovery from under $2.53/lb. For better or worse, trend-following has never been our favorite strategy. So instead of joining the bulls in anticipation of more strength ahead, we examined copper’s 2-hour price chart through the prism of the Elliott…

Read More »

Palladium Draws a Pattern that Should Scare the Bulls

The price of palladium rose significantly during the months between August 2018 to February 2019. By mid-March 2019, it was up nearly 52% from the August 2018 lows, climbing to an all-time high of $1615.30. The industrial metal’s wide use in the auto industry as well as its growing popularity in the jewelry business are…

Read More »

Copper Bulls Still in Charge but Need to Regroup

Similarly to the general commodity market, copper has been steadily climbing during the first quarter of 2019. Three months ago, the price of the industrial metal fell to $2.5281/lb. As of this writing, it is hovering around $2.9266 after reaching $2.9808 on the last day of March. According to the media, copper’s rally can be…

Read More »

Natural Gas: The Rally Continues… For Now

It has been only a week since our last update on natural gas, but what an eventful week it was. On September 27th, the price was hovering around $2.99, following a recovery from $2.759 to as high as $3.088. The Elliott Wave Principle, which had previously put us ahead of that rally, this time suggested…

Read More »

More analyses