MCX Silver and Elliott Wave Analysis

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 MCX Silver daily continuous chart


Analysis

From the above chart, MCX Silver has given a bearish break in a symmetrical triangle pattern, post that prices continued to move in a sideways direction particularly in a range of 62500-50000. This time prices are poised to move down and break the level of 50000 decisively. With lower highs and lower lows still intact, the continuation of the downtrend will lead prices near till 40000 over medium term.

In the lower panel I have added ADX which is showing that the recent countertrend which lead prices near till 62500 has no strength. Currently it is below 20 and I firmly believe that it will start moving above 20 when the major trend starts.

As per wave theory, I think prices have completed wave i and wave ii and has started moving down in wave iii which is extended (debatable) so this downmove of wave iii can reach the target of 43000 over medium term which is 100% of wave i, if it is extended then it can further tumble towards 161.8% of wave i to wave ii

The summation is MCX Silver is firmly negative and can sink towards 43000 over medium term with resistance at 60500 (closing basis).


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