9 october silver elliott wave analysis

9 October Silver Elliott wave analysis-bullish setup?

Silver broke below the 16.5 support level last week and came close to $16.1 before making a quick, sharp breakout move upside. In the last update on commodities, we discussed about this possibility. Let’s look at what we expect next based on 9 October Silver Elliott wave analysis.

In the last update, we expected at least a 3-wave corrective move upside once price completes the impulse wave. Support level was set at 16.5-16.06. The chart below was used.

2 october silver elliott wave analysis

Silver Elliott wave analysis, M30

If price is resisted below the yellow trendline above, the next support lies at 16.06. A breakout upside will be required to consider the bullish move expected.

Price got to this reversal zone and bounced back sharply. This is an indication of a strong bullish momentum. A rally to 17.6 is now more probable than not.

9 October Silver Elliott wave analysis, what next?

The chart below shows the breakout and what is expected next.

9 october silver elliott wave analysis

Silver Elliott wave analysis, M30

A 3-wave correction to 17.5 is expected at least if this wave count is correct. The significant breakout is the biggest bullish push since the beginning of the impulse wave. A slight dip may happen before price continues the corrective move upside. This forecast is invalid below 16.28.

Please don’t forget to share this forecast with people that matter to you. You can also share your thoughts in the comment box below.

 

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