Silver Daily Chart 2016-2017 Review

 

 

I have not done a silver review for some time, but I looked it over on the monthly chart before I started with this wave count.  In late 2015 silver bottomed very close with gold, but its bull phase started just like gold, but with one wild mess of overlapping wave structures.  These are diagonal bullish waves, and technically I should not show you impulse wave counting. This can’t always be done due to size limitations, but in this daily chart it is important to know that we are starting with a diagonal wave count. 

The entire silver bull market, which starting back in 1993, is one of the best charts to use as that bull market was also one of the best real world diagonal wave structures I have seen.  For the early 2016 bullish phase, we have basically the same thing, and it is a theme that will come and go during the entire silver bull market in Primary degree.  A potential “B” wave in Primary degree, is a big bear market rally, which can fool us into forcing us to end the bullish phase too early.

Ending too early is unacceptable to me, so we will do the best to milk this bullish phase as best as we can. The general public will never know the difference between a bull market and a big bear market rally, but as Elliott Wave analysts, we have to know the difference as soon as possible.

In a five wave bull market, we can expect 3 strong pushes or legs up, but any “B” wave bull market will give us the same thing, except possibly the Intermediate degree correction.  If suddenly the gold/gdx ratio becomes too expensive then, all bullish bets would have to be reevaluated.  I like to explain in detail of what is anticipated, so when we are wrong, we catch it at the earliest times.  At this time I have not had to change the 2011 peak, and this is a good sign, as this may indicate a stable position.  

The short term wave count is still very fuzzy, but hopefully it will alternate from the first “A” bullish wave.