Silver ETF $ SLV Larger Cycles and Elliott Wave
First, there are data from when the ETF fund was started in 2006, as seen in the weekly chart shown below. The fund went down in 2008 at 8.45am, which has not been removed from the price since. It could have been up to the highest point in July 2020. You should be able to assume that from the lows of October 2008 to the highs of April 2011 there was a greater degree of momentum ending from any moment. of the silver minimums.
Second, the decline from the highs of April 2011 to the lows of May 2011 was five waves. The price remained below the April 2011 highs during the rebound from the May 2011 lows to the August 2011 highs.
The analysis continues below the weekly chart.
Third, the cycle as of August 2011 seems to be complete. The red descent I, II and III through December 2015 looks lower as two Elliott Wave impulses. The rebound to the August 2016 high was strong enough to suggest that it had corrected the cycle from the red wave II highs in February 2012. As of the August 2016 high, the descent appears to be a triangular structure of the Elliott wave that ended with the “E” wave at the highs of February 2020. From that point on, the instrument printed a clean Elliott wave impulse to the March 2020 lows at 10.87.
In conclusion. As of the April 2011 highs, the SLV features all the qualities of an Elliott Wave zigzag structure that now looks complete at the moment. This is partly due to the rebound of the March 2020 lows. It was strong enough and apparently in five waves. This suggests the correction of the cycle from the minimum times completed. In the short term, while below 26.00 more weakness can be observed before rising again.