Silver has
been in the uptrend-mode since start of January and it seems that bullish
momentum has started to weaken from 32.45 peak. This however is not a surprise
as market completed a fifth wave of a five wave sequence. In Elliott Theory we
know that after every five waves correction follows. The interesting thing is
that corrections usually starts after a divergence between wave 3 and wave 5
highs like in our case as shown on the MACD. Elliott Wave technicians will also
know that corrections are structured minimum by three waves, so traders should
be aware of a larger and deeper A-B-C pull-back possibly even back to 31
figure, near 38.2% retracement and Jan 17 swing level. After a completed three
wave fall traders should again be on the watch for a bullish turn.
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