Key Silver Price Update
Silver held the previous low of 18.77 in yesterday’s day session and again in the overnight session. In fact, after reaching the 18.77 low, silver rallied to a high of 19.35 in yesterday’s early session.
We were marginally lower in the overnight session reaching a low of 19.15 at the time that this post was being written.
It looks like all of wave $i$ of !v! of ^iii^ is complete at the 20.24 high. Consequently, we are now falling in a wave $ii$ correction, which could be complete at the 18.77 low.
The 18.77 low is very near our 78.6% retracement which is 18.84. For our current analysis to remain valid we would not want silver to drop below the current low of 18.77 again.
At this point we cannot rule the possibility that wave !iv! is still underway and a drop below the 18.77 low would suggest that or more likely that our alternate below is the correct analysis.
Our current alternate remains in play, regarding the depth of the wave !iv! correction. We introduced the possibility that wave -iii- is taking a different route. In this case we would have the following count within wave -iii-:
.i. = 21.23;
.ii. = 18.46.
.iii. rally has now started.
We have shown this alternate count in red on the Daily Silver Chart.
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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