Silver Wave Analysis – 18 August, 2021

• Silver reversed from key resistance level 24.00

• Likely to test support level 22.25

Silver recently reversed down from the major resistance level 24.00 (former strong support from January and March, acting as resistance after it was broken previously), intersecting with the 38.2% Fibonacci correction of the downward impusle 3 from July.

The downward reversal from the resistance level 24.00 stopped the previous minor ABC correction 4 – starting the active impulse wave 5.

Silver can be expected to fall further toward the next support level 22.25 (which stopped the previous downard impulse wave 3).