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Silver Elliott Wave Counts & Trendline Studies 24th August 2017

|Includes: SHNY, iShares Silver Trust ETF (SLV)
Summary

Silver is currently consolidating within a symmetric triangle.

The Elliott Wave forms are irregular with multiple corrective forms that are extended.

Silver is posed to breakout very soon but wave counts will be invalidated if it breaks the lower trendline.

Given the irregularity of the wave forms on a lower timeframe, the current counts are the best that I can come out with. The bias is still on the long side until the lower trendline is broken (or the horizontal resistance is broken for a more conservative approach).

Regardless of the counts, given that we are nearing the apex of the triangle, we are getting nearer to the more volatile move in Silver in the near term.

Silver Daily Elliott Wave Counts 24th August 2017 Silver Daily Elliott Wave Counts 24th August 2017Silver Hourly Elliott Wave Counts 24th August 2017 Silver Hourly Elliott Wave Counts 24th August 2017