Silver Price Update

Short Term Update

Silver was lower in yesterday’s day session reaching 16.56, before recovering to reach a high of 16.95. Importantly, we did not go below the current low of 16.15. In the overnight session silver traded sideways, at the time that this Post as being written.

As you can see on the Daily Silver Chart we have adopted our alternate count and eliminated our current count.

We think it is very possible that all of wave -ii- could be complete at the 16.15 low and that we have now begun wave -iii- higher. A trade above the 17.11 low would likely confirm this current thinking for us.  

Our updated current count for wave -iii- is:

.i. = 21.23;

.ii.:

^a^ = 19.28;

^b^ = 20.24;

^c^ = 18.46;

^x^ triangle = 19.77;

^a^ = 17.11;

^b^ = 19.01;

^c^ = 16.15, if complete, to complete all of wave -ii-.

-iii- rally is next after wave -ii- ends.

We will provide projections for the end of wave -iii- when we are sure that all of wave -ii- is complete.  

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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