Elliott Wave Analysis On Silver And EURGBP

Gregor Horvat

Silver spiked up to 161.8% Fibonacci extension level of wave 1 measured from wave 2, which is the most important projection for wave 3. Notice that price turned immediately lower after that level was touched earlier, so we can say that price is now in wave 4 pullback which may look for a support once again near 17.60. If from any reason price will go straight down beneath 17.41 then overlap with wave 1 will suggest that top is in place, but temporary only since trend on higher time frames look very bullish.

Silver Hourly Chart

Silver Hourly Chart

EURGBP is higher for the last few sessions, but still only with three waves so rally is considered as corrective. We are looking at red wave 4) that retraced nearly 50% compared to wave 3). That’s a good retracement where bears may again step-in and send price back to the lows. We would love to see an overlap with 0.7804 where overlap would confirm lower prices ahead.

EURGBP Hourly Chart

EURGBP Hourly Chart

Source: www.ew-forecast.com

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