Silver is moving sideways, but recent small swing up from the lower side of an upward channel suggests that metal is headed higher, ideally into wave C of a second zigzag that can see resistance near 17.40/50 later this week. If we are correct, then current sideways price action is a triangle in wave B position.
Silver, 1H
A Triangle is a common 5 wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3.
Basic Triangle Pattern:
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