MCX Silver Elliott Wave Analysis

 MCX Silver hourly continuous fut chart

In daily chart of Silver, prices which were moving in a sideways trend has now given a directional breakout. This also opens the possibility that it will plunge in day to come in. the next support lies near 61000 levels which can be tested. RSI has also relieved from oversold terrain and is all set to reverse the direction.

From Waves perspective, the pair completed triangle pattern (a-b-c-d-e) and has started wave c lower, the possibility to test the end of wave a which is placed at 61000 is likely.

The summation is Silver is firmly bearish and can move down to test 61000 levels with resistance at 70100 (closing basis).


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