Silver/USDollar Entering Potentially Wave 3 or Wave 5

FX:XAGUSD   Silver / U.S. Dollar
Eliott Wave Entering wave 3 or wave 5 of the complete basic wave pattern


Hello good afternoon traders,

i used the Fibonacci retracement tool to help me understand the retracements on this chart. After Wave 2, the Market continued to sell. Wave 2 ( a corrective structure ) is correcting Wave 1 and the Fibonacci retracement shows that clearly. It bounced right on the 61.8% level, Or you can call it a ( support line ) determined by previous price action . This was an ideal time to buy. You know what they say, Buy low, Sell high. Always wait for a correction before buying. Right now, Silver             is in an impulsive motion and it's going to go past the previous high and follow it's way to the top.

What do you think ?

Let me know,
Good Morning :) Nice observation. However, Wave 1 did not start @ 14.625 (or 14.598 to be more accurate) .. it started @ 13.625.
this will only make sense if we count it as 1-2 then (1-2) of 3. That means that we are now in wave 1 of 3 of 3 and after a small correction for wave 2 of 3 of 3 we will shoot up in wave 3 of 3 of 3 (see chart below)
+1 Reply
Hi ! I appreciate the comment. I must say you're very accurate in this chart. Great work.
I also see that it retraced to the 61.8% level which confirms the end of the correction and on to wave 3.

This is awesome !!

Thanks buddy
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