The XAGUSD (SILVER) daily chart shows that the rally from 13.88 low is a classic five-wave impulse.
According to Elliot wave principle, a three-wave corrective pattern follows every impulse move and the bearish move after the completion of the impulse in Silver exhibits this characteristic.
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The corrective wave unfolded as a double three combination structure with an expanded flat in wave A, a double zigzag in wave B and wave C unfolded as a simple zigzag pattern.
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The corrective pattern also retraced about 50-61.8 of the impulse wave and reversing from a key support zone.
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If this wave count is correct, Silver is expected to make a bullish impulsive move above the previous high at "$16.18" in wave (C) or (3).
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Thanks for reading!
According to Elliot wave principle, a three-wave corrective pattern follows every impulse move and the bearish move after the completion of the impulse in Silver exhibits this characteristic.
.
The corrective wave unfolded as a double three combination structure with an expanded flat in wave A, a double zigzag in wave B and wave C unfolded as a simple zigzag pattern.
.
The corrective pattern also retraced about 50-61.8 of the impulse wave and reversing from a key support zone.
.
If this wave count is correct, Silver is expected to make a bullish impulsive move above the previous high at "$16.18" in wave (C) or (3).
.
Thanks for reading!
