Silver Price Analysis: Forms Triangle or Bull Pennant within a Measured Move

• 
  Silver
  is
  forming
  a
  Symmetrical
  Triangle,
  or
  Bull
  Pennant
  continuation
  pattern
  with
  bullish
  implications
  for
  price. 
• 
  It
  is
  also
  probably
  rising
  up
  in
  the
  final
  wave
  C
  of
  a
  Measured
  Move
  price
  pattern,
  also
  with
  bullish
  expectations. 
• 
  MACD
  is
  poised
  to
  rise
  higher
  after
  crossing
  the
  zero-line.

Silver
(XAG/USD)
has
formed
a
price
pattern
after
its
recent
rally,
which
saw
it
break
out
of
its
falling
channel. 

The
price
pattern
could
either
be
a
Symmetrical
Triangle
(ST)
pattern,
or
perhaps
a
Bull
Pennant
continuation
pattern;
the
first
has
slightly
bullish
connotations,
the
second
has
stronger
bullish
implications. 

Silver
Daily
Chart

More
broadly
Silver
is
also
probably
in
the
process
of
rising
up
in
the
final
wave
C
of
a
three-wave
Measured
Move
(MM),
with
a
final
price
target
substantially
higher
than
the
current
market
level.

STs
do
not
give
a
hint
of
the
direction
of
the
breakout
but
it
is
usually
in
the
direction
of
the
prior
trend.
Bull
Pennants,
however,
are
bullish
and
strongly
suggest
higher
prices
to
come. 

MMs
are
like
large
zig-zags
composed
of
three
waves,
sometimes
labeled
A,B
and
C.  

As
Silver
price
is
currently
rising
up
in
wave
C
it
is
likely
to
go
higher,
either
till
it
reaches
the
end
of
wave
C
or,
more
conservatively
$32.75
(
calculated
as
the
0.618
extrapolation
of
wave
A).
If
it
reaches
the
end
of
C
it
could
rally
to
$35.00. 

A
break
above
the
top
of
the
ST/Pennant
at
$31.49
would
provide
confirmation
of
the
next
leg
higher. 

The
Moving
Average
Convergence
Divergence
(MACD)
momentum
indicator
has
crossed
above
the
zero
line
and
looks
poised
to
continue
higher,
with
bullish
implications
for
price.