Silver breaks the Inverse S/H/S bottom neckline at 18.00
Silver is trying to break above the Inverse S/H/S bottoms neckline near 18.00 and more importantly above resistance at 18.51. If the later is broken too, then a rally towards the measured S/H/S target at 22.94 should be expected as a minimum, but this rally could easily extend higher towards 25.10.
The Inverse S/H/S neckline at 18.00 will now shift from resistance to support and will ideally protect the downside, but only a break below support at 17.52 will question the break above the neckline.
The long term Elliott wave count see this rally as wave C of a zig-zag rally of the 13.62 low. Wave C will be exactly 161.8% extension of wave A at 22.94
The Inverse S/H/S neckline at 18.00 will now shift from resistance to support and will ideally protect the downside, but only a break below support at 17.52 will question the break above the neckline.
The long term Elliott wave count see this rally as wave C of a zig-zag rally of the 13.62 low. Wave C will be exactly 161.8% extension of wave A at 22.94