Silver Bull Market Intraday Review

After the early August dip, silver recovered, and then roared back in a bullish move, now approaching the $18 price level.  In the big picture silver  is in a diagonal pattern which started way back in 1993. Trying to count silver as an impulse is futile as there are two different types of 5th waves. There is a good chance that another smaller version of a diagonal is forming and the chances for a correction are starting to increase.  Sure it might be still too early but any correction could be fast, sharp and painless. Only the silver bulls will feel the pain, while the contrarians see it as a buying opportunity.

Silver had 3 major dips in August and the dip on the 16th of August would be one of the favorite support areas. ($16.80) I’m sure silver will keep us guessing in the short term, but in the longer scheme of things a decline in the silver price is not the end to the silver bull market. I show we could be getting close to a potential wave 1 in Minute degree but can still be a bit early.  As long as we get a choppy decline the chances are good, that it will be just a correction.  

Most of my updates will be short this week as I still have chart issues that is taking up much of my time.