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18.05.202206:42 Forex Analysis & Reviews: Elliott wave analysis of Silver for May 18, 2022

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Silver has just seen a classic dump and pump situation just below support at 21.48. We should see silver start moving higher as all the weak hands now have sold silver upon the break below 21.48 and at best they are neutral at worst they are short silver. The strong hands used the false break to add to their long silver positions as sliver starts its next impulsive rally to the solid resistance near 30.00 and a break above here will call for a rally towards the all-time high at 50.00.

In the short term, a break above minor resistance at 21.96 may occur as the first good indication that wave C/ and 2/ has completed and wave 3/ is unfolding towards 30.00 and above.

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