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Elliott Wave View: Has Silver Started the Next Leg Higher

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Short term Elliott Wave view suggests the rally in Silver (XAGUSD) to 17.79 ended wave (1) as a5 waves impulse. The pullback to 17.24 in the metal ended wave (2) with the internal as a double zigzag. Down from 17.79, wave W ended at 17.27, wave X bounce ended at 17.64, and wave Y ended at 17.24. The metal has broken above wave (1) and resumed higher within wave (3).

Up from 17.24, wave ((i)) ended at 17.48, wave ((ii)) pullback ended at 17.31, wave ((iii)) ended at 17.8, and wave ((iv)) ended at 17.61. Expect the metal to extend higher one more time to end wave ((v)). The move higher will also end wave 1 of (3) in higher degree. Afterwards, expect the metal to pullback in wave 2 of (3) in 3, 7, or 11 swing before the rally resumes. We dont like selling Silver. As far as pivot at 17.24 low stays intact in the dips, expect the metal to extend higher. Potential target higher is 100% Fibonacci extension from October 1 low towards 18.2 18.7 area.

XAGUSD 1 Hour Elliott Wave Chart

Silver 9 Oct

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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