COMEX and MCX Silver: Trading using Elliott Wave

COMEX and MCX Silver: Trading using Elliott Wave

By Waves Strategy Advisors, www.wavesstrategy.com

This article on Silver explains how “The Commodity Waves Short Term Update” uses objective Elliott wave analysis as well as Technical Tools to navigate the near-term trend changes in Silver.

We have mentioned in the previous update on Comex Silver that, “It was the sixth trading session and till now prices failed to closed above the bearish candle which was formed last week. This slow retracement signals negativity for this commodity and prices could move lower till the support of 32.50 or even lower in the coming days”. BANG ON!!!

Comex Silver chart:

Comex Silver moved lower as expected. Prices breached the support of 32.50 level and made a low of 32.25 level. Yesterday it has formed a bearish candle and resumed the downtrend. In near term, 33.20/33.30 will act as a strong resistance level. Any move on the upside will provide the bearish opportunity and prices could move lower till 61.8% of retracement of 32.10/32 level.

MCX Silver chart:

Wave counts and important levels in MCX Silver have been hidden purposely as it meant for paid clients.

Similar to MCX Gold, MCX Silver opened on a lower note, in the early market hours it has breached the support of 62500 levels decisively and moved below the previous low of 61600.

As per wave perspective, double zigzag corrections have evolved into triple zigzag pattern connected by wave x. This indicate further………….Opportunity arrives.

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