Silver – Daily Update
It’s only been two days since the weekly report, yet silver keeps throwing curveballs—worth a quick, important update. We’ll parse the newest candles, line them up across key frames, and translate the “candlespeak” into plain English: what changed, what didn’t, and what to watch next.
CANDLES:
If silver closes below Friday’s low tomorrow, it will confirm a daily reversal and will most likely register the 3rd-highest MACD cross in history. The MACD line has been higher only twice—1979 (record) and 2011 (slightly higher than now). Since one well-presented chart can be worth a thousand words, I’ve added a small annual chart on the right to help set expectations for what could come next.
And that’s not the only concern. Let’s examine the waves.
Elliott Waves
All Time
I compared the waves of Silver, Futures, and SLV on Friday and believe that all instruments possibly formed a complete impulse downward, which is indeed a concern.
Last Wave – Micro
I shared the following chart on Discord earlier today. It now looks like the flag is about to complete. The red path represents a very lucky outcome, while the blue one has better odds at the moment.
Earlier today, I also reviewed SLV. A very concerning observation is that SLV failed to form an impulse upward—the circled wave is clearly corrective due to the overlap. The wave down on Friday was likely a clean impulse. I think the main act will start tomorrow.
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