If you watch the metals market closely, you know that the price of silver has dropped sharply over the past few days. Elliott Wave Analysis helped a lot in identifying the price reversal that occurred on January 6th. Indeed, here is the graph and commentary from our January 6th US Short Term Update:
Rally [серебра] to $ 27.97, this morning’s peak, completes [восходящую волну в двух степенях тренда]… Today’s high reached the $ 27.88-28.29 range mentioned in previous updates and the Daily Sentiment Index (trade-futures.com) jumped to 90%. Silver should be in an early decline now …Speaking of target price range, here’s what the Wall Street classic, Elliott Wave Principle: Key to Market Behavior, said:
One of the benefits of setting a goal is that it creates a kind of backdrop against which to track the actual path of the market. This way, you will be quickly alerted when something is wrong and you can change your interpretation to a more appropriate one if the market does not do what you expect. The second advantage of targeting early is that it prepares you psychologically to buy when others are selling in despair and to sell when others are buying confidently in a euphoric environment.
Now, going back to the January 6 US Short Term Update that “silver is in an early decline now,” this is indeed the case. By the close of trading on January 8, the price of silver fell 12.4% in just three days. On January 11th, our US Short Term Update provided additional clarity on the expected Elliott Wave trajectory for silver prices. Moreover, this release mentioned a key price level that silver investors should watch closely.
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