FX.co ★ Elliott wave analysis of Silver for July 30, 2021

Silver finally seems to have complete a triangle formation, that has been under development almost a year. We have already seen the first signs that wave E of wave 4 has completed by break above minor resistance at 25.46 and we are now looking for a break above resistance at 26.77 as confirmation that wave 4 has completed and wave 5 is in command for the next impulsive rally towards at least 50.00 and possibly even above here.

In the commodity complex wave 5 often becomes an extended wave and we expect this to be the case this time too.

Trading recommendation:

Buy Silver and place your stop just below 24.50