MCX Silver Elliott Wave Analysis
MCX Silver daily continuous chart
MCX Silver hourly continuous chart
From the above daily chart, MCX Silver has come out from negative formation and has started moving in a higher highs and higher lows formation. The overall formation is sideways and it is likely that it will move higher from current levels to reach its resistance of this sideways pattern. RSI is above the center line which is a positive sign.
In hourly chart, prices have given a bullish break in a falling wedge pattern, which is a positive sign. It is also sustaining above the pattern and can move higher by surpassing its cluster of resistance placed at 76000-77000 levels. However, RSI is in overbought terrain and can relieve going ahead.
From Waves perspective, the bullion is moving in a running flat pattern (3-3-5) where wave b has retraced between 80-100% of wave a and wave c has ended in an ending diagonal pattern. Also wave c has failed by not moving below the low of wave a. This concludes that there will be a dynamic move coming in MCX Silver post pattern which we are witnessing.
The summation is MCX Silver can re-test the level of 65900-65000 levels which can be a buying levels and thereafter it will re-conquer the 76000-77000 levels.
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