FX.co ★ Elliott wave analysis of Silver for March 31, 2021

Silver has developed into an ending diagonal as wave c of ii. Sub-wave v/ should very close to completion and is not allowed to break below support at 23.14 or the formation will be invalidated and we will have to look at alternate counts. But for now the ending diagonal remain our preferred count and we will be looking for a break above minor resistance at 24.73 as the first good indication that the ending diagonal has completed and wave iii higher through key-resistance at 30.00 is developing. A break above resistance at 26.25 will confirm the completion of the ending diagonal.

Trading recommendation:

Buy silver here at 23.90 and place you stop at 23.10.