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Silver Prices Still Going South?

Despite silver’s strong 3-dollar recovery from 14.30 to 17.30, the bulls were unable to keep the momentum. As a consequence, the price of silver went down to the 15.50 mark again. The most important thing is the wave structure of this decline. As the chart below demonstrates, it is a five-wave impulse.
silver prices 27.12.14
Note that the rally to above $17 is in three waves, labeled A-B-C, where wave B appears to be a triangle. Triangles precede the final move of the larger sequence. In other words, the reversal following the end of wave C is quite normal. It gave the start of the five-wave decline we already mentioned. On the chart it is marked (1/A). According to the Elliott Wave Principle, every impulse is followed by a three-wave correction in the opposite direction. In our case, this is wave (2/B), which completes the 5-3 Elliott Wave cycle. If this is the correct count, silver prices should be expected to go south again for wave (3/C).



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