Silver Bull Market Intraday Update

I think we had a major bottom on May 9th after which it started another run heading north. Well, not exactly true north, but north east. This has a long way to go and we are not even at any wave one in Minute degree, as we have to build up to it. The first major hurdle that silver has to go above is the wave 1 top at about the $18.70 price level.

I’m sure that would produce some resistance, but if this bullish phase is as strong as I suspect, it should eventually break out and travel much further.  My wave degree will need some adjustment, but that is not a big deal. Eventually we have to review the daily charts to make sure everything still fits together on the bigger scale.

One thing about intraday scale charts is that they disappear, so we can never go back to recount the intraday scale a few years down the road.  I will not commit any logic that we may be thinking that silver is heading to the moon or some other ridiculous $200 price forecast, as this may all be part of a big “D” wave rally.  We have been in the “C” wave bullish phase for months already, and that should continue for the rest of this year.