Elliott Wave Analysis of SLV (Silver ETF) / Commodities / Gold & Silver 2019
Is it time to be looking to buy Silver?
Into the Feb 2019 highs, traders had turned verybullish on the metals, understandably so, as the metals had been rallying for anumber of months from their respective 2018 lows. Upside targets were beingincreased from the precious metals Gurus, and traders/investors were buying theshort term bullish hype.
However whilst many traders had arrived late tothe party, Elliott Wavers should have been cautious about expecting any furtherupside. Into the Feb 2019 high, we could count 9 swings, that suggested a completedimpulse wave, coupled that with the extremely bullish sentiment, gave us arecipe to be cautious about expecting further upside, we felt a pullback wasdue. A move lower to kick off the late to the party bulls was needed and turnsentiment more bearish.
Fast forward I think there is a strong case to bemade that a low is in at $13.65, or can be with a minor new low. Whilst it'sbelow $14.05 it may still see a minor new low under $13.65 to end wave [c] andcomplete an ending diagonal (bullish declining wedge).
If a low is actually in place for the preferredidea, then a strong move above $14.05 - 14.10 is needed to further argue for arally higher. For those that study price action, you may have noticed themomentum over the last few weeks is also slowing up, that's a good sign tosupport the current idea of an ending diagonal for wave [c] and complete alarger ABC decline.
Generally speaking, we tend to see strongmomentum for wave A, but wave C shows much weaker momentum, that's a strongcharacteristic of a Zigzag correction, aka 3 wave corrective move.
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By Jason Soni AKA Nouf
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