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Silver price set to test support zone after Elliott wave correction
The analysis expects the decline to end in a $61.1 to $63.2 range, with the move depending on a $56.6 pivot holding.
Action Forex used a short term Elliott Wave framework to map silver’s advance from a July 17 low, describing wave ((i)) as rising to $60.93 before a corrective pullback in wave ((ii)) to $56.54.
The outlet said the subsequent rally in wave ((iii)) carried silver to $66.47, then wave (iv) settled at $64.2, before wave (v) concluded at $66.8. It then described the current period as a correction in wave ((iv)) unfolding as a flat structure.
Within that correction, Action Forex projected that wave (a) ended at $63.47, wave (b) rebounded to $66.55, and wave (c) is expected to terminate in the $61.1 to $63.2 area.
The analysis also added that, as long as the $56.6 low remains intact, the pullback should finish in either three or seven swings, opening the door to another leg higher or at least a three wave rally.
Latest closeSilver $64.83 ▼0.1%