Silver as expected has tested the $26 Levels I was talking about earlier. The next move should test the 28-30$ area from where the next round of bearishness should start. Ultimate target appears to lie at 16$

For now it should be heading up . Max up to 30$ levels.

Anant Acharya
www.appliedelliottwave.com

As expected, Silver has been testing 28$ levels for well over 3 weeks now..... once it breaks the $26-29.8 levels, we should see another Impulse down and the target would then be $ 18 levels.

Sir ,it would be of great help if u can post the chart with your analysis.

Silver appears to have complete its correction yesterday August 21, 2012 as expected at $29.50 levels. This 2 month long corrective pattern now sports a Triangle demanding that we label the upward correction from $26 - $29.5 as a ZigZag.

The next move down should start anytime soon and there shoul;d be a mass exodus from Silver this time around. Target for this downslide is at $18-16 levels.

The chart that I posted 4 months back in this forum still holds!
See earlier post for the Chart

Ananth J Acharya
www.appliedelliottwave.com

The corrective upward pattern now appears complete at yesterdays high of $30.82. While it is too early to call for a changed trend, once Silver moves below 29.72, we could look at a target of $26 levels to be posted soon.

We could project lower levels, but lets revisit the pattern once Silver reaches $26. IF silver trades above 30.9$, then we should be looking to label the chart different;y.

See earlier chart posted months back. Still Valid.

Ananth J Acharya
www.appliedelliottwave.com