Key Silver Market Update

Short-Term Update

Silver traded generally sideways in yesterday’s day session and again in the overnight session, at the time that this Post was being written. A break and close above the 17.29 high, would likely see silver rally sharply higher in an extending wave ^i^ rally.

Silver is still rallying in wave ^i^ of .i. of -iii-, but we need to be on guard for the possibility that all of wave ^i^ ended at the 17.36 high, and that wave ^ii^ has now begun.

-iii-=1.618-i-=27.91;

-iii-=2.618-i-=35.47.

Like gold wave -iii- is silver will consist of a 5 wave impulsive sequence, but we have not shown it on the Silver Chart as it will take the same form as we have shown on the Daily Gold Chart.

Our current count for all of wave -iii- is:

^i^ = 17.36, if complete;

^ii^ drop is next after wave ^i^ ends. Wave ^ii^ is expected to retrace between 50 to 61.8% of the entire wave ^i^ rally.

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 15.67!

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