Nov 232010
 

A reader requested for an analysis of Comex Silver, and I decided to take some time off to look that up. The chart is quite interesting. Maybe I should start writing more on commodities! Anyway, here goes. We should take a look above 3000 and then come down in a complex fourth wave. That part of the correction will prove very difficult for many traders, and I would help if I had the time! Unfortunately, I am still very busy in my present full time job…
So use the road map in the attached chart and stay lucky! Regards
Ramki

  24 Responses to “COMEX SILVER :Elliott Wave Analysis”

  1. Hi sir,

    Thank u very much for your silver wave count….your analysis on silver is given moral support & inspired me to learn in depth of the wave theory…..once again thank u very much sir……

    regard’s
    Kumar.

  2. dear sir, Can I ask you a question ?You have shown in the silver chart wave 1 high at 2000. and the low at 1700 as wave 2 coloured green. i can see there is a solid triangle formation so my question is why did you count it as wave 1high is 2000 and 1700 as 2 wave and why it couldn”t be wave 3 and 4 if it was a triangle.thank you sir waiting for reply

    • Hello Ajay, You should understand that wave analysis requires an understanding of wave personalities. Wave 3 has a tendency to be steeper, and longer than the other waves. Volume tends to increase during that phase of the trend. These characteristics are absent in the position you are seeking to label as wave 3. Hope this answers your question.

  3. Sir,

    Your wave count in sillver is very exciting. Pl, pl, give roadmap of mcx silver as well as usdinr spotlevel for midterm.

    Thanks

    Prasanta

  4. sir,

    your post on comex silver was on 23rd november. Pl,Pl, update it if your valuable time permit for novice trader like me.

    Thanks

  5. Sir,

    you have mentiomed sub B wave of 4 @31 . Now this mkt hovering around this level whole day without losing momentum. So, Pl tell how much fuel have in this counter and what will be the max ?

    • Ajay, it is just too soon to confirm anything. Let this downmove finish. We will get a correction back up at which time one can speak with more confidence.

  6. Hi Mr. Ramki,

    I’ve just found this post you did on silver back in 23rd November. I’m really impressed with your wave count back then and silver’s move from then to today.

    You totally forseen the B wave of 4th going over the 3rd high :)

    Now, if we really are still in a 4th wave (I mean, haven’t done yet a 5 and are in a major correction…), at which point do you think this can go down?

    Thanks,
    Jose.

    • Jose,
      I just noticed that although I had approved your comment, I had forgotten to come back. Anyway, you would have noticed that Wave 5 had developed nicely. About when we go down, I need to get back to my office to study the charts.

  7. I think the silver wave counts are highly speculative at this point. The early onset of the extended 3 (the first 1-2 sequence) still has no end on the chart. The market does NOT show an expanding flat 3 at the top. A flat requires leg A to be a 3, but it is a 5 wave progression when you look at the details. So far we are seeing what appears as a simple sharp correction, starting with a five as it should. The future progressions at this top here will shed some clarity on the details of early assignments. There certainly are several possible scenarios. For example it is not so unusual to have an extended run up in a fifth wave if the first and the third are relatively similar, which is a possible scenario.

  8. Hi Unbeldi, thanks for your comments. No one knows what patterns the market will trace out. Also, no one can say which count is correct until a move is finished. However, considering I posted that chart on 23rd November, it is gratifying to see that Silver has traced out a more-or-less similar path till date to what was imagined at that time.

  9. Silver has reached and moved above your targets.
    Presently it is US$ 36OZ . Kindly post new update on Silver.
    LOOKING FORWARD FOR YOUR VALUABLE ANALYSIS

  10. Hi sir,

    as per ur ealier views silver achieved ur TGTs, can u pls share your fresh views on silver….on which side we have to stay…buy/sell, what is the targets…pls

    Regard’s
    Kumar.

  11. Sir:

    which charting software do you use?

    Mannish

    • Manish, There is no need for any special software to do elliott wave analysis. I use Reuters Graphics. It is nothing but a simple bar chart presentation with trendlines and fibonacci grids. These are available for free in many websites.

  12. Mr. Ramki this is a chart that needs to be updated, as we come close to Silver ATH recorded more than 30 years ago a level that was missed by the Hunt brothers.

    regards
    Yasser

  13. dear sir i’ve a request on silver as you mentioned on november 2010 which you leveled (3) & (4) and final wave(5) is on the move so can we say now that wave (5) is final or the correction going now is still a minor correction what’s your view on it

  14. I’m happy thank you Mr. Ramki.

    Silver is no more than gold but in a much better colour. At least for me.

  15. thanx a lot sir , for sharing your experience n experties regarding elliot wave analysis of financial markets. your analysis is simply amazing……..

  16. […] the Elliott Wave Analysis of Comex Silver posted on 23 Nov 2010, I had warned readers that once the complex fourth wave (within the 3rd wave) […]

  17. SIR, will you check the chart of comexsilver? i think it is all set to making of double retrcement up to $45. eagerly waiting for your inputs…..

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