Quick Silver Update - Market Analysis for Jul 20th, 2020

Even though I am struggling with the micro move up off the June low in silver due to the overlap, I am trying to glean the micro count from other factors. 

So, as I noted earlier, the 19.35 level is now micro support, and as long as we hold that level, we can break out of our pivot region.  Should silver continue higher, it likely will spike up and my next IDEAL target is the 22.16 region for the standard Fibonacci Pinball structure presented in the grey (iii) of green iii of (3), which is the 1.236 extension of waves i and ii in green, within wave (3).

However, as noted earlier, silver often likes to surprise to the upside.  So I have an alternative in yellow on the chart ONLY IF we are able to break out here and then take out the 22.16 region.  

So, parameters right now are 19.35 micro support, with the pivot top in the 20.25 region, followed by the 1.00 extension of waves i-ii in green at 21.20, and then the more ideal target for a break out in the 22.16 region.

Know your parameters, especially since the move up off the June low has been quite unclear.

Avi Gilburt is founder of ElliottWaveTrader.net.