This Is How You Could’ve Spotted the Start of Silver’s Price Slide
Setting Elliott wave price targets brings these two advantages
by Bob Stokes
Updated: January 14, 2021
If you're a close observer of the metals market, you know that the price of silver has taken a tumble during the past several days.
Elliott wave analysis was a big help in identifying the price turn, which occurred on Jan. 6.
Indeed, here's a chart and commentary from the Jan. 6 issue of our Monday-Wednesday-Friday U.S. Short Term Update:
[Silver]'s rally to $27.97, this morning's high, completes [the upward wave at two degrees of trend]... Today's high met the $27.88-$28.29 range that was cited in the prior Updates and the Daily Sentiment Index (trade-futures.com) has jumped to 90%. Silver should now be in the early stages of a decline...
Speaking of a target range for prices, here's what the Wall Street classic, Elliott Wave Principle: Key to Market Behavior, had to say:
One advantage of setting a target is that it gives a sort of backdrop against which to monitor the market's actual path. This way, you are alerted quickly when something is wrong and can shift your interpretation to a more appropriate one if the market does not do what you expect. The second advantage of choosing a target well in advance is that it prepares you psychologically for buying when others are selling out in despair, and selling when others are buying confidently in a euphoric environment.
Now, getting back to that Jan. 6 U.S. Short Term Update forecast that "silver should now be in the early stages of a decline," that indeed turned out to be the case.
By the close of trading on Jan. 8, the price of silver had tumbled 12.4% in just three days.
On Jan. 11, our U.S. Short Term Update provided further clarity on the anticipated Elliott wave path of silver prices. Moreover, that issue mentioned a key price level that silver investors need to closely watch.
The U.S. Short Term Update is part of our flagship investor package -- the Financial Forecast Service.
Start reading it right away so you can prepare for what's next for silver and other major U.S. financial markets. Follow the link below to get started now.
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