Silver ~ Elliott Wave Count ~ 23 February 2014

Cycle waves aren't labeled numerically on purpose.

For commodities and currencies I think that it makes no sense to label waves past the Primary degree. It does make sense if you count stock market indices because they always move up over time and thus you can apply cycles/supercycles etc.

For commodities and currencies however this doesn't work since they do not always move up over time. Thus, numbers/letters are replaced by "low" and "high".

---

Author: Patrick Eugster

Silver ~ 27 August 2013

Silver hit my first target:

(link to previous post)

I think that either at 25 or 26 we'll get a small correction followed by the next wave higher toward 30 $ (similar to October 2010).

Silver ~ 15 August 2013

Silver broke the resistance at 22ish:

25 and 26 should be the next objectives.

Silver ~ 14 August 2013

Silver is at the resistance at 22ish:

If it breaks, we should see a rally to 25/26.

Silver ~ 3 July 2013

Silver had a nice reversal last week around the support at 19ish:

I think we could be near a low. The trend is still down though as long as we are below 22ish. But if we rally above it, the down trend should be over.

Gold and Silver ~ 20 June 2013

Gold declined below 1300 today and is approaching my main target I gave in April after 1550ish was breached:

Silver is already at the next support level around 19ish:

I think we could see at least a short-term rally at these support levels. The overall trend remains down though as long as we stay below 1350 and 22.

Silver ~ 20 May 2013

Silver hit the strong support area between 19.5 and 21 with a 10 % crash to 20.25 right after the open on Sunday:

Since then, we've seen a huge rally and silver is now up 12 % since last night. This could very well be an important low. The last time we saw such a big reversal was in September 2011. Back then, silver rallied 15 % over the next few weeks. If we got a 15 % rally again this time, we would see 26ish.

Silver ~ 15 April 2013

Silver cracked the strong support at 26ish and is already at 22 $!

Next supports are at 21.5 and at 19-20.

Silver ~ 14 April 2013

In comparison to gold, silver looks actually still pretty good. On Friday, silver closed right at the strong support level at 26ish:

If 26ish breaks, the next objectives should be 19-20 and 21.5ish.

Silver ~ 9 April 2013

Silver broke below the support at 28.5ish and then sold off to the strong support level around 26/26.5ish:

I'm medium-term neutral. If we get a convincing break of 26ish, I'll turn bearish again. On the other hand, if 30ish breaks, I'll turn bullish.

Silver ~ 26 March 2013

Silver has been trading around 29 $ for already more than a month:

Depending on which side breaks first, we should get a rally to 31ish or a decline 27.5ish, possibly even to 26.

Silver ~ 21 February 2013

Silver is at the support just above 28$. I think we'll see a bounce here. A possible target is 30$:

Silver ~ Elliott Wave Count ~ 6 February 2013

I still like my long-term count I posted last September: Cycle wave V is most likely underway.

Short-term it looks like we're at the beginning of wave (3).

Silver ~ 11 January 2013

We got a pretty huge drop in December but it looks like silver is now trying to bottom out at the support at 30$:

If 31ish is broken, we should see a rally to 33. Should 30 be breached, the next objectives should be 28 and then the very strong support at 26.

Silver ~ 19 November 2012

Silver broke 32.6 today thus the medium-term trend is up again:

The next target should be 33.8 followed by 35ish. As long as we stay above 32.6 $ (daily), I'm bullish.

Silver ~ 12 November 2012

After declining to the support at 31ish, silver has rallied back to the resistance at 32.6ish:

Once 32.6ish is breached, the medium-term uptrend should resume. The first target would be 33.8ish.

Silver ~ 24 October 2012

Just as gold, silver retraced about 50 % of the previous rally:

Silver has been downtrending since early October:

Not surprisingly, I expect the same for silver as I do for gold. The seasonal chart looks actually even better for silver:

Silver ~ Update ~4 October 2012

Silver has been trading sideways for the past three weeks. As long as 33ish holds, I think this will be only a short-term correction before the next move higher. If 35 is broken, silver should target the 37-38ish area.

Silver ~ Update ~ 27 September 2012

The rally in silver has been impressive so far: +25% since mid August.

If 33/34ish holds, the current pullback should only be a short-term correction and new highs should follow shortly.

If 33 breaks though, 35ish is most likely a medium-term top and a bigger correction might unfold.

Silver ~ Update ~ 7 September 2012

After a small pullback yesterday from 33 to 32, silver now broke the resistance area at 33$:

The next target should be 37. Support is now at 32.5-33 and 31.