Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Silver Bears To Take A Rest?

ByEWM Interactive
Published 06/28/2015, 02:29 AM
Updated 07/09/2023, 06:31 AM

It’s been more than a month since the price of silver topped at $17.75 on May 18th. The bears have been in the driving seat ever since, which led the precious metal to $15.52 as of June 26th. This steady decline by $2.23 in just six trading weeks might convince you now is a good time to sell some silver. In our opinion, you should think twice. The next chart explain why.
Silver 4 Hourly Chart
As you can see, the whole sell-off from $17.75 to $15.52 could easily be counted as a five-wave impulse. Furthermore, the sub-waves of waves (3) and (5) are also clearly visible. The perfect Fibonacci relationships between the length of the waves this impulse consists of, deserve to be noticed as well. According to the Elliott Wave Principle, every impulse is followed by a three-wave correction in the opposite direction. If we apply this knowledge to the 4-hour chart of silver, we would come to the conclusion we should expect a significant recovery, which has the potential to take prices back to $16.50. That is why we believe it is going to take a while, before we see the price of silver below $15.52 again.

Original post

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.