Silver Price Update

October 18, 2016

Short-Term Update

Silver was also higher in yesterday’s day session and again in the overnight session reaching 17.71, at the time that this Post was being written.

Silver does not have the bearish triangle formation within its Intraday Chart. Moreover, a break above the 17.85 high would be good sign that silver may have bottomed at the 17.11 low, and completed all of wave .ii.!

We have now satisfied the minimum requirements for a completed wave .ii. and are now looking for confirmation that it is complete at the 17.13 low.

Our current count for wave -iii- is:

.i. = 21.23;

.ii.:

^a^ = 18.46;

^b^ triangle = 19.77;

^c^ = 17.13, if complete to complete all of wave .ii..

We now have general alignment with the gold and silver counts. Upon completion of wave .ii. we expect a very sharp rally in wave .iii..  

Long-Term Update

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.

Active Trading Positions: Long risking to 15.82!

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Gold falls on firm dollar, China rate cut lends support