Silver Daily Chart Update

With this daily futures cash chart, we see that we have one ugly of a bearish decline since that mid 2016 peak.  Every bullish wave count I have tried since the January 2017 bottom has failed.  One of the wave counts I can have is a potential triangle decline,  which bottomed in early July 2017. 

If this is true, then there can be no more new lows, and silver has to keep on charging up, passing all the peaks of the silver bearish phase. The real horror  wave count would be that the top in April of $18.60 was the top of another zigzag, which would send silver below the 2016 lows.

The triangle wave count would send a clear signal that any new record highs would also be the last high, before another major crash would then follow. Triangles have a certain finality built in, in that one more thrust can happen, but after the “thrust”  has completed, the shit will hit the fan one more time. 

Any zigzag declining scenario, could be short lived, but then a new bullish phase will start again. Silver has always walked to a different drummer from gold, as since the real bottom in 1993, silver has seen nothing but diagonal wave structures. Counting sliver from this 1993 bottom as impulse waves is futile and just plain wrong, but it seems wave analysts just love to make 5 wave impulse counts everywhere they go. The EWP has two types of 5 wave sequences, but the majority lump them all into impulse waves. 

Buying physical silver bullion is always a good idea when silver is pointing down, but not when it is pointing up. Long term buying at lows, helps make the cost averaging work, but buying at an emotional high does the exact opposite. I use a small amount of silver bars like a savings account. 

At this time SIL the silver miners ETF has held up rather well, and has been on a bit of a rally lately.