Silver Wave Analysis – 31 October , 2018

• Silver broke support area
• Further losses are likely

Silver recently broke through the support area located between the key support level 14.40 (low of the previous impulse wave 1) and the support trendline of the daily up channel from August.

The breakout of this support area continues the active short-term impulse wave 3 – which belongs to the longer-term impulse wave (3) from – which started earlier from the major resistance level 14.80.

Silver is expected to fall further and re-test the next strong support level 13.90 (which stopped the previous sharp downtrend in in September).