Silver Price Update

Short-Term Update

Silver was lower in yesterday’s day session and again in the overnight session reaching 16.47, at the time that this post was being written.

We are now waiting for confirmation that our second wave ^a^ is complete at the 16.15 low. When our second wave ^a^ ends we are expecting a wave ^b^ rally that will be followed by another drop in our second wave ^c^ to complete all of wave .ii.

Like gold, we expect that our second wave ^b^ will retrace between 50 to 61.8% of the entire second wave ^a^ drop. We will provide those retracement levels, when we are sure that all of our second wave ^a^ is complete.

Our current count for wave -iii- is:

.i. = 21.23;

.ii.:

^a^ = 18.46;

^b^ triangle = 19.77;

^c^ = 17.13;

^x^ = 19.01;

^a^ = 16.15, if complete;

^b^ rally is next after wave ^a^ ends.

In the case of silver we can actually develop a valid count that supports a view that all of wave .ii. could be complete at the 16.43 low. We have shown that option on the Daily Silver Chart.

In this option we have or are about to complete all of our second wave ^c^ and all of wave .ii. On the gold chart we cannot make the same statement, which still adds some confusion with the gold and silver charts.  

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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