MCX Silver: What Happens after an expanding diagonal?

MCX Silver daily chart


MCX Silver is been under performing from past one month, but it seems that the negative momentum is on the brink to halt and prices can reverse any time soon. I have used Elliott Wave Analysis to understand a possible reversal in price of Silver.

From the top wave c is marked, prices tumbled in impulse which I have marked as (i-ii-iii-iv-v). In wave v there is a expanding diagonal pattern which is shown in the chart marking as (i)-(ii)-(iii)-(iv)-(v) an overlapping structure. RSI on daily chart is exhibiting positive divergence. All these indicators are suggesting price reversal.

The bullion can test the level of 37500 in near term, any sustainable move above 38000 will open further positive possibilities which can take prices higher till 38500 levels over medium term.

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Comments

Phani Kumar said…
Hey, thanks for the information. your posts are informative and useful. I am regularly following your posts.
CADILA HEALTHCARE LTD


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