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Technical analysis of Silver

The Silver seems to be very close to bottom. The levels around 12 is a conjunction of two important supports, one is the impulse support of the previous rally and the fibo support of the previous range movements.

Elliot:

I am very tempted in counting these movements are part of larger impulses. But it texture of the chart just does not seem to identify itself with impulses. I think, we are still in closing stages of all the bear market. Bear Market?! Yes, now, that opens us some incredible upside on impulse waves. This would be good news over a long term.

It is possible that the present crack 21.50 and 19.50 is the part of 'a' and 'c' waves with the "c" wave.

Using the simple fibo calculations, the target projections are in the areas of 30s.

Silver is certainly looking good for a person with the view of glass-is-half-full.









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