Silver's Elliott Wave Suggests A Triangle is Unfolding

Silver's current Elliott wave pattern appears to be a triangle. Triangle's unfold in 5 waves and silver's triangle is near the end of the 5th wave. Prices may dip to $24.75 where a couple wave relationships exist. Silver does not have to dip and this would not be a tradeable move lower.

Parallel waves in the triangle tend to have 61.8% or 78.6% distance relationships. Wave C = .786 x Wave A. Also, Wave D = .618 x wave B.

Based on the general look of the structure and some geometry within the structure forming, it does appear we may be on the finishing stages of a triangle pattern.

If this triangle is the pattern, then silver may dip to $24.75 though it doesn't have to. This is a bullish chart to new highs

If silver runs up to new highs, this may suggest a weakening dollar which is what we've discussed on some of the forex pairs in the Elliott Wave Weekly Report.

Good luck!