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).

New to Elliott Wave?

Elliott Wave principle offers a completely new understanding of what the nature of the markets is, what drives them and what can be derived from their movement. This course is for those of you, who have been looking for an honest Elliott Wave guide, describing the method’s advantages over other trading tools, but not hiding its weaknesses.

Check Video Course    or     Check our eBook


See our Video Course
or check our eBook

Last year over 60k readers trusted EWM Interactive to help them in their trading decisions.

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- Xavier N.

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- J. Kotzee

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I love the way EWM does business: response times & overall friendly demeanor are fantastic... and the prices are very fair. The trade recommendations read like like they come from a seasoned trader that is used to winning. Couldn't ask for more.

- C. Montgomery

I’m very happy i discovered your service. Thanks so much and keep up the good work!

- C. Montgomery

Just loving your analysis. Thank you so much, really wished you add some more currencies to your list You have a client for life :)

- C. Montgomery