Silver – Road Map
Silver has been quiet for several days, but today’s move may change the picture. Is it the beginning of a new swing or just another pause within a larger structure? Let’s take a closer look at the latest technical signals and outline what they could mean for the next major move in silver.
Elliott Waves
Short Term
Silver formed a corrective wave, a smaller flag, and appears set for a move downward that could develop into wave iii of (C). If this hypothesis is correct, wave iii could easily slice 20–30% off the metal’s value in a few days. Be prepared. Today’s Bearish Engulfing could indeed be the dead canary in a coal mine.
The corrective wave ii could still extend slightly higher, but it is unlikely to evolve into an impulse. One way or another, the chances of a new lower low occurring soon remain high.
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