XAGUSD Silver in Bearish Triangle?

FX:XAGUSD   Silver / U.S. Dollar
92 5 0
If this is a triangle as labeled in the chart, this could get ugly very quickly. Estimated thrust would be down to the $12 level if the E wave has peaked at this level. If the "E" wave pushes above the "A", something else is going on.
The "E" wave had not peaked at the aforementioned level. It did drop sharply at the moment I expected (see chart above) but then developed further and higher, so I have since adjusted my labeling to call that wave "C", which peaked at $17.757.

As of today, it appears that the subsequent wave "D" has bottomed at the lower trendline of the triangle at $16.801 and begun an impulse upward, which I will now consider to be the first leg of wave "E" which should be the final wave of the triangle prior to a major decline.

I estimate that wave "E" will peak at just slightly above wave "C"'s extreme, around $17.70-80, and probably do so in early August when it hits resistance at the downward sloping trendline from the two peaks in 2012 (the only long-term trendline crossing through this forecasted price area). Following that, there should be a 5-wave impulsive thrust which pulls price down by $4.00, to around $13.75. At that level, my view is that price should reverse into (at least) a three-wave ABC rally (possibly with the intermediate wave "B" taking the form of a triangle) targeting $27 or $32 (i.e. about 0.382 or 0.5 retracement of the decline from 2011-2015.
AynCzubas AynCzubas
AynCzubas AynCzubas
P.S.: The purple rising trendline at the bottom is established from lows in 2002, 2005 and 2008 and lends strong support to the idea of a bottom in September at the $13.75 level.
AynCzubas AynCzubas
As of right now, seeing several indications in the wave structure that silver is basing for an imminent launch up to at least $17.328, with potential breaks near $16.293, $16.62
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out