Silver has been frustrating me for the longest time. And I am sure that many Elliott Wavers are also similarly frustrated by the 2 years corrective and huge ranging move of this precious metal. Today however, I had an epiphany: that the entire ranging move can be split into different segments and analysed accordingly but still fit into the Elliott Wave Structure.
As such, the chart you see now is what I have figured out.
Note the reason why I suspected that the low at $15.800 is a potential minima: because wave (3) is not the longest and we know from one of the 3 Elliott Wave Rules that wave (3) can NEVER be the shortest wave. Even though wave (5) can be the same length as wave (3), it cannot be in our case for Silver because that will breach the low of $15.635 which I defined as the start of a new up wave.
One disclaimer here: i do not particularly like this version of the counts because the corrective structure looks too big for the impulse wave. To put it more bluntly, the impulse does not look to be able to support (or require) such a huge corrective structure. I do have an alternate big picture count that actually allows a much lower Silver price.
Anyway here's the big picture for this (more optimistic) count:
Note that this count is invalidated if price breached $15.635. But it is nonetheless a potential long even on my alternate count (which I hope to publish soon).
As such, the chart you see now is what I have figured out.
Note the reason why I suspected that the low at $15.800 is a potential minima: because wave (3) is not the longest and we know from one of the 3 Elliott Wave Rules that wave (3) can NEVER be the shortest wave. Even though wave (5) can be the same length as wave (3), it cannot be in our case for Silver because that will breach the low of $15.635 which I defined as the start of a new up wave.
One disclaimer here: i do not particularly like this version of the counts because the corrective structure looks too big for the impulse wave. To put it more bluntly, the impulse does not look to be able to support (or require) such a huge corrective structure. I do have an alternate big picture count that actually allows a much lower Silver price.
Anyway here's the big picture for this (more optimistic) count:
Note that this count is invalidated if price breached $15.635. But it is nonetheless a potential long even on my alternate count (which I hope to publish soon).
