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July 3, 2015 | SILVER: 5 Price Targets and Only 1 to the Upside

Joe Russo is the Publisher and Chief Market analyst for Elliott Wave Technology, and has been practicing Elliott Wave Theory and Technical Analysis of Financial Markets since 1991.

Still mired within a multi-year bear market quandary of nefarious financial rigging via the futures markets, it’s difficult to know just when Silver will touch down at a final bottom.
Although we cannot know when this bottom will occur, we can gauge at what technical price level such a bottom might rest. The current print low is $14.10, and indeed – this price point may be the actual bottom we are looking for. If $14.10 fails to hold however, we submit 4 additional downside price targets to consider.

I’ll begin with the lone upside price target, which is for one, contingent upon the March 15.27 low holding, and two, a resumption of trade and closes above the falling green trendline. The lone upside price target if these contingencies are met is a silver price of $19.07 per ounce.

 

 

I’ll close this brief with the four downside price targets beginning with the nearest. All four downside price targets are contingent upon the 18.50 level holding as a pivot high. The nearest target rests at 14.27 followed by 13.30, 13.00, and finally $12.00 per ounce. The $13.00 price target will remain in place, and is contingent upon the 25.12 level holding its August 2013 pivot high.
Should any of the contingency pivots be violated, then technically, their respective price targets should be abandoned.

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July 3rd, 2015

Posted In: Elliott Wave Technology

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