Silver Progress - Market Analysis for Oct 8th, 2024

Avi Gilburt By

Silver has taken off several of the counts I have been tracking, and I am now left with two. . . one bullish and one bearish. 

As long as the market holds the blue box as support, then I have to align with the more immediate bullish green count.  However, if we break that box, and continue below 30, then it suggests the yellow count is providing us with a larger c-wave of the larger degree wave 2 in yellow.  

I want to also point out that this is the most aggressive and immediate bearish count in silver as well.  Should we hold the support box, and rally correctively, I will view that as a bigger 1-2 in yellow.  So, it means we have to hold support and see a CLEAR 5 wave rally in order to keep the bullish pressure to the upside.  Otherwise, the alternative is giving us a bigger wave 2 in yellow.
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Avi Gilburt is founder of ElliottWaveTrader.net.

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