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Tuesday, September 6, 2011

Silver still has a couple more weeks of sideways

I haven't posted on silver in a while.  

At minor degree, silver is still carving out a C wave, which is undeniably an ending diagonal pattern.  You can see the clear converging lines below on the top daily chart. 

Within minor wave C, minute wave ((v)) is still unfolding, and has apparently extended into an ending diagonal of its own.  What this tells me, is that this is a very important top.  Within minute wave ((v)), price appears to be completing subminuette wave (iv) down.  I have a tentative target of 40.129 for subminuette wave (iv)  of /SI, which is where (iv) is 61.8% of (ii) down.   Assuming price continues to my target, and does not rise above my projected wave (iii) termination, I don't think it'll reach the upper boundary of the minute degree diagonal.  Alternatively, if price exceeds 43.51 or subminuette wave (iii), then the third wave was prematurely marked complete.




Posted by Waverunner (FractalTrader) at 6:45 PM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))