Comex Silver and Elliott Wave Counts

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 Comex Silver 4 hour chart


Analysis

As seen in the above chart, prices are moving in a higher highs and higher lows which is a positive formation. However, at current juncture, the silver prices are consolidating within the levels of $25.80-$24.80 levels. Prices are also consolidating after the bullish breakout as shown in the above chart. The consolidation is happening on the support of the trend line which was earlier acting as a resistance (role reversal). There are high chances that prices can go higher towards $27.00 - $27.55 levels over short term.

From Waves perspective, prices are moving in a descending triangle pattern of wave iii/c in which it has made wave iv in descending triangle pattern. This means wave v on the higher side is pending which can travel towards $27 plus levels which will then complete wave iii.

The summation is Comex Silver is positively poised and can soar towards $27.00-$27.55 levels over short term.

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