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.  

Roelant
2019-06-14
Dear Elliottwavesurfer,

Awesome action in your crude oil surfing 2019! Jumping these waves is a sure way out of economic slavery.
You deserve a slot on MSM. But that would be the end unfortunately...
Duane
2014-05-27
Hi EWS,

Just wanted to send a word of thanks for all of the hard work that you
do, and to show you that I personally have paid for my subscription many
times over with the fantastic work that you...
Roelant
2019-02-25
Hi Elliotwavesurfer,

You’re in better shape than ever before!

Talking about your recent Brent & WTI analysis.
Awesome & deeply appreciated.

You’re top of the list together with Marty Arm...