Silver Price Update

August 9, 2016

Short-Term Update

 

Silver was also quiet in yesterday’s morning session and also in the overnight session (at the time that this Post was being written). On the Intraday Chart we do NOT see an impulsive wave structure coming out of the 19.59 low, which suggests one more drop below the 19.59 low, before all of wave $ii$ ends is now likely.

Like gold, we have talking about the likelihood that wave !v! was going to subdivide into a 5 wave impulsive sequence, which it appears that is going to, if our current analysis is correct.

As you can see on the Daily Silver Chart, wave $i$ ended at 20.84 and all or most of wave $ii$ at the 19.59 low. In the case of silver we have reached its 78.6% retracement level, with the 19.59 overnight low.

Retracements for end of wave $ii$ are:

50% = 20.06;

61.8% = 20.87;

78.6% = 19.61.

If wave $ii$ is now complete at the 19.59 low, then we should expect a sharp rally in wave $iii$ as the end big event in this market.

The other option to consider is that wave !iv! is not complete at the 19.27 low, and that this wave has decided to become more complex, and on the Daily Silver Chart we have not introduced the possibility that wave ^iv^ could become a bullish triangle as noted by the red upper and lower trend lines.

In the slightly bigger picture, the end of wave !v! will also mark 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. Our Daily Silver Chart shows what we believe to be will be the path that silver is going to follow over the next several months.

On the Daily Silver Chart we have a projection for the end of wave -iii- at 22.93, but we will likely be adjusting that projection to the -iii- = 2.618-i- target of 27.32 soon!

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

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US silver mining began on a large scale with the discovery of the Comstock Lode in Nevada in 1858.