#Silver bearish counter trend opportunity
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As seen in the chart, silver has formed a 5-wave bullish impulsive move and has since begun a bearish move, which could be labeled as wave A.
As we know, corrective waves typically occur in three waves. I believe we are nearing the completion of wave B, which could lead to another bearish leg to complete wave C.
This entire 3-wave bearish move could then form wave 2 of 5 on a higher degree.
Therefore, while we might be looking at a short-term bearish move, according to Elliott Wave theory, there is still significant bullish potential in the coming weeks.
As we know, corrective waves typically occur in three waves. I believe we are nearing the completion of wave B, which could lead to another bearish leg to complete wave C.
This entire 3-wave bearish move could then form wave 2 of 5 on a higher degree.
Therefore, while we might be looking at a short-term bearish move, according to Elliott Wave theory, there is still significant bullish potential in the coming weeks.
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What a nice Elliot wave analysis, wont you agree?
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