Since the 1980 peak, the silver market crashed and turned into a bear market, with a bunch of “Truncated” bottoms or what I call A “Running” pattern that falls short of expectations. The 2011 peak was also a shortened wave just barely breaking the 1980 silver peak.
The bullish phase from 2002 to 2011 was a 5 wave “C” wave bull market which alternated perfectly in pattern to the 70’s bull market. Readers may find it strange but the 2011 peak coincided very well with the first peak of solar cycle 24 while the 1980 peak matched solar cycle 21.
In the big picture of things, diagonal wave structures dominated the commodities markets and silver is just one shining example. I have been told that silver is in a bull market but that theory will get blown out of the water, once silver breaks critical support at about the $13.50 price level.
All bullish forecasts will be proven wrong once silver breaks this crucial support. Don’t get fooled when silver moves in small increments or seem very slow as there are no daily trading limits on most commodities, which can produce dynamic free falls that investors can’t handle. If we are in a Cycle degree silver market then any Cycle degree correction is still far from finished.
There are 30-year cycles between major bull market peaks and the next major peak could take until 2041 to complete.
Since the 2005 bottom silver has enjoyed the effect of a golden cross! On this monthly chart, silver has already produced a “Death Cross” so being bullish in a death cross world may not work out too well in the longer run. Many if not most metals can be called, “Energy Metals” and silver can be called that due to the fact the silver is used in solar panels! which feed the “Green Economy”!
I will try and incorporate more and more solar cycle commentary as from my perspective the sun and its 11-year cycles control our planet.