Silver - Is leading the way lower

Silver is leading the way lower

Silver has clearly broken below its triangle support-line and the measured target from the triangle is near 12.90. Looking back this target is very close to the 2009 June and July lows at 12.43 and at 12.52. However, we should keep an eye on support near 13.58 as this is where the second zig-zag correction will be equal in length to the first zig-zag and it will also mark the distance, where wave v of C has travelled 38.2% of the decline from the origin of wave i to the bottom of wave iii subtracted from wave e of the triangle.

Short term we should see a back test of the broken triangle support-line, but once this minor correction is over, look for a new decline lower to 13.58 and maybe even 12.90.

Silver is clearly leading the way lower as gold its 2013 lows at 1,180 and 1,182, but is expected to break below these two supports for a decline closer to 972 and maybe even lower 887.  

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JT
2014-06-23
Its been a pleasure over the years I have been following you and even better as a member the education you provide in my view is invaluable you can read books as I have but to see how you evolve your ...
Tommy
2015-02-26
Great call on nat gas

Just wanted to drop you a note to say great call on nat gas as it held 2.67

Great job.

Tommy
Roelant
2016-06-26
Hi Elliotwavesurfer,

Your forecast of the EURUSD waves and reversals on Brexit day were spot on! This was not chaos, the crowd followed a pattern!

GBPUSD was abolutely 100% too!Unbelievably accu...