Commodities Analysis by Avi Gilburt covering: XAG/USD, Silver Futures. Read Avi Gilburt's latest article on Investing.com
I want to start this article with a little background about Elliott Wave analysis, and begin with a quote from Paul Tudor Jones, one of the most successful money managers of all time:
This repeating fractal pattern represents overall societal sentiment which is governed by the natural law of the universe as represented through Fibonacci Mathematics. Once a 5 wave move in public sentiment has been completed, then it is time for the subconscious sentiment of the public to shift in the opposite direction, which is simply the natural cycle within the human psyche, and not the operative effect of some form of “news.”
So, as an investor, you want to be layered into a market as a 3rd wave is about to begin. If you look at the chart above, the setup you are seeking is an i-ii, 1-2 structure, wherein you can move into the market during the wave 2 pullback, so you are prepared for wave 3 of iii.is now developing a structure within its wave 2. The only question I have is if silver has begun its 3rd wave, or if there is one more drop to complete its wave 2 before the heart of the 3rd wave begins in earnest.
Taking a step back, I want this to be a lesson to anyone utilizing Elliott Wave analysis to its most powerful end. You must be as objective as possible when analyzing the charts you are trading.
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