Hi,

I am enclosing my wave count of Silver (INR) since Dec, 2011. I would appreciate if anyone could suggest an alternate wave count (if any) for the same.

Regards,

Manish

have no idea about the INR Chart as I do not follow it.
On the US$ Silver Chart, it appears that Silver is now correcting in a Double Zig Za Pattern. counting from the top of 50$, Wave 'W' is clearly a Zig Zag, and that has been followed by a Flat Pattern, which should be counted as an 'X' wave. Now the only way this pattern can cmplete is by repeating another Zig Zag and the ideal level at which this pattern will be complete lies at 15$ levels.

So, I would expect the present move down to post $ 26 levels, where an upward correction should set in and after the upward correction is complete, we could see Silver moving down again in an Impulse to 16$ levels.

ITs unlikely that silver will go up without testing at least 26 first

Anant

www.appliedelliottwave.com

Hi Ananth,

Appreciate your views as always.

Just to put me out of misery I would appreciate if you may decipher the wave count of Silver (USD) from high of $37.5 (March, 2012) till date. A chart depicting the wave count would be very helpful.

I hope I'm not asking for too much.

Regards,

Manish

Manish,

The count there is quite complex and at the moment unclear. While using Elliott Wave Analysis, there are times like these where one needs to ignore the internal counts and look at the larger picture.

We should not keep looking at the trees and miss the woods altogether.

That said, if you observe a 60 min chart, all the waves down are clear motives and the upsides have been 3 wave or 7 wave corrective patterns. The wave pattern will resolve itself and present a clear countable pattern soon. Till then we need to look at the larger picture.

Ofcourse, unless proven wrong by the market.

Any decline below $ 30 level will see Silver collapse by 10-12% in a single trading session. and any rally above 32.12 will call for a revisit of the count

Anant
www.appliedelliottwave.com

Thanks a ton.

Regards,

Manish

As far as MCX Silver is concerned $/INR equation seems to be preventing a complete collapse in this commodity