Silver prices have gotten a boost lately so I think it’s time to provide an update on what the charts are saying. But today I’m going to do something a little different and actually start from a shorter time frame to demonstrate why I think (the operative word “think” – not – “know”) that this move in Silver will go higher in over near term BUT ultimately make it back to new lows in another wave lower.
First and foremost, you can follow my Silver price targets and analysis for @seeitmarket thru the following links. If your interested in technical analysis, patterns, Elliott Wave, timing then do yourself a favor and study these blogs. Folks, I’m a humble dude but you’ll see EVERY turn in silver since the run from 8 dollars. As always, email me or visit BartsCharts website with any questions.
- Is Silver Targeting 14? The Script Is Playing Out
- Note, this was my first post for See It Market!
So, now that you are done studying the above links you can understand why 14 was a “big deal.”
The move off of 14 had A LOT of momentum and strength as the BUYERS came in. (Guess they were reading the above posts? Ha!)
Let’s take a look at the chart below – it’s a 4 hour chart of spot silver prices
- Note the yellow box
- No matter how I try to slice and dice it the move into 18.60-19.00 was in 3 waves
- When I look at that yellow box I see three waves and will label the resistance at 18.60-19.00 as an “a”.
- Understanding this helps us identify potential silver price targets
- CONCLUSION: 3 waves up is a corrective move.
Where does that leave us? Below is the weekly chart showing 24-26 as a potential silver price target for this 4th wave corrective rally.
Note, according to the RULES of Elliott Wave (4) cannot go above (1) so that is the key for this analysis/count. If we get a weekly close above that cliff of former support then it’s ctrl-alt-del time and we’ll evaluate the situation when that arrives. Note that the rally does not need to reach 24-26. Keep an eye on the silver price targets listed below in the weeks ahead.
As always, thanks for reading and make it a great week.
Follow Bart on Twitter: @BartsCharts
No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
