Silver – Road Map
Today, silver dropped more than 16% off the most recent top, and I hope all members were prepared — mentally and in their accounts. What comes next? In this daily silver technical analysis (XAGUSD, silver futures, SLV), we review the candlestick structure, support and resistance, EMA/MACD momentum, and Elliott Wave context. And if you haven’t yet, make sure to review the weekly report — it remains the most comprehensive summary of what already happened and what could be next.
CANDLES:
Silver recorded an 8/20 daily EMA bearish cross along with a few other bearish technical signals. Today’s daily candle attempted to form a short-term bottom, but that attempt is still unconfirmed. The 8-day candles are on track to print a Bearish Engulfing tomorrow, backed by enormous technical support. The monthly is still on track for a Gravestone Doji in the air — above the Bollinger Bands. The picture is getting gloomier day by day.
Silver has a chance at a short-term bounce, but the 2D and larger frames remain strongly bearish.
Elliott Waves
Last Wave – Micro
The impulse is possibly complete, and the main question now is the bounce — its structure and its reach. So far, the first wave up can still be interpreted as either impulsive or corrective, and we need the next leg to make that call.
If the second wave up is roughly the same size as the first, we could be looking at a zigzag in purple. If, however, the next leg is much larger, we’ll have to put a potential green impulse on the table. I think we’ll know most of the answers by the end of the week/month.
As for SLV, it’s broadly similar, but the multiple gaps don’t provide much confidence. The SLV chart is mostly for reference at this point.
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