Elliott wave analysis of Silver for March 18, 2021

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Silver is testing the minor resistance-line from 30.06 and a break above here indicates wave ii completed at 24.82 and wave iii is ready to take over for an extended rally through resistance at 30.06 towards 34.72 as the next upside target.

Longer term, we are looking for silver to break above the 2011 peak at 49.78 and trigger a very huge Cup With Handle formation calling for rally to just below 100. However for now we should concentrate on silver break above the minor resistance-line near 26.66 for a new rally towards 30.03.

Trading recommendation:

Buy Silver upon a break above 26.66 and place your stop at 24.80

The material has been provided by InstaForex Company - www.instaforex.com

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