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Elliott Waves: Silver 20th July 2017

|Includes: iShares Silver Trust ETF (SLV)
Summary

Silver, like Gold, is in 4th wave consolidation

Silver is currently weaker than gold, but it has a fresher breakout

Limit Long around $16.16, Breakout Long around $16.33

Silver has just broken out from a trendline via it's 3rd wave EW move. However, it is clear that Silver is the weaker sister of Gold. What this means is "nothing". We will not know if because of it being oversold, will it outperform Gold soon?

Given that Silver is also in wave 4, I suggest a strategy similar to that of Gold. We want to get on the PM train for the 5th wave.

Below is the chart of Silver (Broker: Oanda). 

Silver 4 hourly with Elliott Waves Count