EW analyzes - Future on SILVER

Silver Price: 31.67 $ per troy ounce - ISIN: XC0009653103

SILVER is since May 2011 in a comprehensive correction. Within its, many correction variants are possible. In the greater time level a wave 4 is expected. It is not quite sure if the wave 4 already finished at the end of 2011, or whether there is more to come. 

Should the wave 4 be finished, then the last peak would be counted as wave 1. Should they not be finished, then the pulse would be only the wave c of wave b. This wave b by the way is exactly the same length as the wave a, and could be quite a perfectly harmonious aspect.

Assuming the bullish case, the already completed wave 1 would expect a wave 2, then this wave will make the sub-waves a-b-c, or even more complex. Certainly is the make or break mark for the wave 2 at $26.00. 

Conclusion: 

SILVER above the $26.00 has a realistic chance to form a medium-term bottom, BUT also a slight peek below the $26.00 mark cannot be excluded. A sustainable bottom, which determines the end of a wave 2 cannot yet be identified.

How to use this blog?

BEFORE you are trying to use my analyzes for serious trading, you should become familiar with the Elliott waves by reading books and searching the web. Unfortunately I do not have the time to help you learning and understanding the Elliott waves. 

Also I strongly recommend doing paper-trading to get a better 'feeling' for my analyzes. The most important part of trading is however the money management! You should NEVER risk more than 1% of the total amount of your trading portfolio for each trade, otherwise you will always be a part of the 95%! My goal is to publish at least 4 analyzes per month of the most common indices, currencies and commodities.

Thank you for using my blog,

Day-Trader

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