Commodities Analysis and Opinion
Silver Could Bottom at These Key Levels
2024.08.09 07:46
Silver has been slowing down for the last three months, but drop on 4-hour time frame is in three waves A-B-C, which indicates for a corrective decline within higher degree wave IV.
It’s now potentially finishing final subwave (5) of C at 26.50 – 26.00 strong and key support area. If we get a sharp or five-wave impulsive recovery back above 29.22 first bullish evidence level, then it can easily send the price back to highs for wave V.
On the intraday basis silver nicely spiked into final wave 5 of a lower degree impulse within wave (5) of C as expected, from where we may now see a bullish reversal, but we still need sharp or impulsive recovery to confirm a bullish reversal.
