Key Silver Price Update
Silver and gold continue to move sideways within a corrective pattern. There was not much movement in the silver price in the overnight session.
As you can see on the Daily Silver Chart, we are working on the assumption that all of wave !iv! ended at the 19.28 low and we are now moving higher in wave !v!. The other option is that wave !iv! could become a bullish triangle formation.
Wave !v! has a minimum target of 21.23, which is the wave !iii! high. We probably should expect that wave !v! is going to subdivide into 5 distinct waves, as it moves higher. If that occurs we will provide the details of those subdivisions as they develop.
The end of wave !v! will also market the end of wave ^iii^. Upon completion of wave ^iii^, we should expect a wave ^iv^ correction that retraces between 23.6 and 38.2% of the entire wave ^iii^ rally.
On the Intraday Chart the drop from 20.75 to 19.77 looks corrective, which suggests that once this correction ends, silver is going higher again.
We completed all of wave III at 49.00 in 1980 and all of wave Iv at 3.55 in 1993.
We are now working on wave V and within wave V we have the following count;
1 = 49.82;
2 = 13.67. Note that wave 2 retraced 78.6% of the entire wave 1 rally.
3 = rally has now begun.
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