Many analysts are talking how silver will outperform gold yet silver still needs to go above $21. Silver is lagging far behind gold just like it has done since the August 2016 peak.
In the last few days, 2 vertical spikes formed which is usually a sell signal. I closed my 9 silver positions a bit after the top @ $19.07 and now have to wait for another good setup.
So far I can’t see any Minute degree wave count that has complete which I don’t like to see, while gold is ready for a 4th wave correction in Minor degree.
The short version is that silver is still marching to a different drummer.
At the intraday scale silver is close to another double bottom but I don’t trust it as on the Forex screen silver has already lost support.
Every bullish correction on the way up could now offer support if the gold bulls are correct. As it sits silver can be in just another zigzag.
The silver decline had mostly 5 wave sequences so looking for a correction to finish, is the best guess scenario right now.
I already switched to a bullish position but will close off Sunday night if silver doesn’t return to a bullish acting pattern.