FOREXCOM:XAGUSD   Silver / U.S. Dollar
Disclaimer: This is a random idea that I've been playing with. None of my previous ideas have been on target so this one probably the same.

Silver like everything else is either gonna go up or down. Silver's bear trend may have finished and all blue sky above, maybe. If we are considering an Elliot 5-Wave in this bear trend, one could argue that there is one there. I personally however don't like the look of it (it's all in the look) and suggest it's not finished yet. I think Wave-3 has just recently completed and we are now in Wave-4. I expect Wave-4 to top out mid-November at around $23 and Wave-5 to bottom out at $8 to $9 (I know, I know, looks real grim but it's got to happen if we are indeed in a 5-Wave trend) just after Xmas .
Comment: UPDATE Monday 17 August

Wave 4 has gone higher than projected, taking it closer to Wave 1. We now need to reassess our wave count to accomodate the change.

Our original scenario is still valid looking for that Wave 5 dip albeit it may come sooner than projected.

Scenario Two. If Wave 4 continues upwards and enters Wave 1 territory we will need to change our wave count. Wave 3 will become Wave 5 signalling the end of Silver's downtrend. It could also be counted as prior Wave B or prior Wave 2 meaning its all upwards from here on.

As always, my views, not financial advice.


Great analysis, Man, GL!
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