Silver and Elliott Wave Analysis

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Comex Silver daily chart


Analysis

As seen in the above chart, prices after making a high of $26.46 levels have started showing signs of correction. The bullion seems to have made a top and can correct. However, the counter correction can also extend for some time. This is the similar case of counter correction where prices are expected to move higher from current levels towards $24.60-$25.00 levels.

From Waves perspective, prices are moving in a counter correction which is wave b where wave a is over and wave b is in motion, within wave b prices have completed wave a and wave b and wave c of wave b is still pending which can test the above mentioned level.

The summation is Comex Silver is positively poised and can move higher towards $24.60-$25.00 levels going ahead.

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