Silver Intraday Update: Fighting For A Bottom?

At this time it seems like $16.85 produced some resistance, pushing silver back down and the possibilities of a new bearish low. We have about 30 cents to play with before any bullish wave count I have will get trashed again.  Since the early October spike all gaps have been closed off, and it seems like silver has broken away from the clutches of those Algorithmic monsters running loose on the internet. Sure, it may be science fiction, but wave counting would be pretty boring if we don’t have an imagination. 

We still have alternate wave counts that can surprise us, but at this time I like to think we have a potential reversal that is going to happen. On a silver daily chart this decline looks like a single spike to the downside, which fits well into a potential wave 2. Gold is also looking a bit like a straight down move, so in that respect  silver and gold seem to confirm each other in the short term. In the bigger scope of things silver is on a much different wave count than gold.

Silver turned in July of 2017, while gold turned in mid December 2016. This is just about a full 7 month difference between the two asset classes. This will throw wave counts for a loop if we ignore the real bottoms.  

Silver’s real low was way back in 1993, but yet the majority of wave analysts ignored this little fact and lumped it in with the gold bull market. So far $16.57 seems to be holding, but we need more evidence that a bigger rally is in progress.