MCX Silver and Elliott Wave Counts

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 MCX Silver daily continuous chart


Analysis

In the above daily chart, prices continue to move in a higher highs and higher lows and has arrived near to a minor resistance, prices can reverse from current levels and might arrive near to 67500 levels. This fall can be utilized as a buying opportunity.

ADX is clearly indicating that the positive trend is very strong and shown immense strength going ahead.

As per wave theory, prices might have completed wave iii and can move down in the form of wave iv ending near to 67500-67300 levels and thereafter it can move towards 70000 in form of wave v.

The summation is MCX Silver can dip towards 67500-67300 price range which can be utilized as a buying opportunity for the level of 70000 levels.

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