Rolls Royce Silver Ghost in wave 4 pennant

FX:XAGUSD   Silver / U.S. Dollar
421 11 5
Siver in wave 4 pennant on weekly chart
Trendline fibs say pennant support and resistance before wave 5 down.
Time says 27 bars harmonic .
ABCD gives target of approx.15.25

Right now Short term bullish

As always - time will show!
Safe trading ladies & gents!
Music at work:
What a beauty: http://www.classics.com/images04/pb04-04.jpg
Comment: Crazy to see only 2 makes a thumbs up 2½ years ago ...but heck. I have always made charts nobody believed in but were spot on. I wonder why it's so difficult to trade for many. Maybe due to lack of imagination...or skills? Pick and choose.
I recalculate your ABCD target (in a very careful precise way with trend based fib ) and got 11.67 as a result - so it seem that we are going to get lower wave 5 :)
Update of the chart
UPDATE! The silver chart produced 4 month ago is still right on track. I'm still looking for silver to go lower.
An update on my 2 month old silver chart..... still right on track
However since Aussie is about to smash long to the upside either in February or March, I'm betting the metals will follow suit. $15 seems unlikely but since $18/$20 is so obvious maybe it will go to $15. However its rare to see more than a 61.8% retrace, and we just barely dipped below that at $18.17 lows
I've never seen such large volume the last time we hit $18.50. That type of volume is highly indicative of a major player finally capitulating (taking profit) on their last longs from sub $18, and a new major player taking those longs on.

There are major trendlines at $16/$17 and 987 week EMA is at $14.50ish
carrytrade carrytrade
or even another player clearing naked shorts
Hi BM, thanks for the idea. It helps and gives a clear image what to do next. A little confusion here, in this chart there're two zigzags from 2 May 2011 to 27 February 2012. As ElliottWave principle said, a five subdivision wave forms a lager degree wave 1. So, did the first zigzag here form a lager degree wave 1? or actually it has nothing to do with the larger wave 1 but just a correction to the previous uptrend. I do have seen another situation like this one , which confused me a bit. thanks
So many ways to count it = risky to guess. Once a pattern is at the end of a count, then it is worthwhile to take a trade. Looks like multiple counts with a similar end point, so I hope we get there and load up the boat :-)
Thanks for comment! I never trade wave 4 myself in any asset . Simply to risky. One could be caught up in a whipsaw and have used a lot of time and anxiety.... and with an sometimes with the end result of not being able to earn enough to pay for the trading cost... Not worth it. A clear trend is to be desired.
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