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Elliott Wave Analysis: Silver Looking Lower, while GBPNZD In for More Gains

Like gold, silver can also be trading at the start of a third leg to the downside, which can be labelled as wave C) of 3). Either way we believe more weakness may follow on metal, especially since we see a break below the lower corrective channel line, which is connected from 15.14 level. Also, the Fibonacci ratios of 61.8 and 78.6 turned out to be good at resistance.

Silver, 1h

GBPNZD and GBPJPY are both recovering from the lows, however price on GBPNZD can be trapped in a triangle correction as part of wave b. Triangles are continuation patterns which unfold prior to final waves, so be aware of a potential top, and resistance for the upcoming wave c near 1.957/1.965 region.

A later drop in impulsive fashion (five waves) would suggest a completed a-b-c correction, and more weakness.  

GBPNZD, 4h

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!