Friday, April 9, 2010

Silver ~ Elliott Wave Count Week 14 2010

As expected in last weekend's post Silver continued its rally and gained about 3 % this week.

Since I only posted fractals last week I'd like to show you my Elliott Wave count for Silver:

I think that Silver is in wave [iii] of Minor 3. A third wave is usually 1.62 times as long as the first wave. Thus, this gives us a target for wave [iii] of about 21.5, right at the 2008 high.

Should it decline below the low of wave [ii] something else is underway.

Gonna post a count for the SPX and the Dollar tomorrow. ; )