Has Silver Started an Upside Reversal?
Why It Matters
A confirmed breakout above $83 would shift silver from a corrective phase to a bullish trajectory, influencing metal‑related portfolios and speculative trades.
Key Takeaways
- •Silver remains in corrective wave‑four, below January high.
- •Break above $83 may confirm B‑wave extension and bottom.
- •Key micro support zones sit at $72.58 and $75.
- •Resistance lies between $79.54 and $104.74, with $171 Fibonacci target.
- •Market may stay range‑bound until clear breakout confirmation appears.
Summary
The video dissects silver’s price action, arguing the metal is still trapped in a wave‑four correction that began after the January peak. The analyst stresses that the broader Elliott‑wave framework has not shifted since early 2024, leaving the market in a neutral, corrective environment. Key observations include a potential bottom near the $72.58‑$75 micro‑support band and a decisive test of the $83 level. A decisive close above $83 would suggest the B‑wave is extending, hinting that the corrective phase may be ending. Meanwhile, the primary resistance corridor sits between $79.54 and $104.74, with a longer‑term Fibonacci target near $171. The presenter repeatedly notes that the current three‑wave down move mirrors the earlier three‑wave up rally, underscoring the market’s indecision. He highlights that the 1‑hour chart shows a near‑100% Fibonacci extension, implying a possible local top, and urges traders to watch the yellow trend line for the next move. For market participants, the analysis signals that silver could remain range‑bound until a clean breakout occurs. Traders should monitor the $72.58‑$75 support zone for a bounce or a breach, and the $79.54‑$104.74 resistance band for a breakout that could trigger a broader uptrend.
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