Has Silver Crashed Far Enough?

Silver has been crashing, which only contained very small counter rallies. When we look at it from a daily and weekly perspective,  we see it as a pretty straight down pattern. In this case I’m using a Minor degree wave 2 bottom, which would contain 6 degree levels. Even a wave like this would still have many extensions, that could come out of hiding when it is time to do so.  This may not be the time, as we could get a counter rally that no short trader account can withstand the drawdown. 

The “Buy” orders are all bunched up above silver’s present price level, and they can get triggered with computer trading and those pesky critters called Algorithms.  

I have a pretty wild wave count at this time, and it may not last a day, but I have to use it, to help eliminate if it’s wrong.   I may have to knock down the degree level, but for now the degree level is not a concern.   Silver could be off,  on a very strong bullish phase, and it will do everything in its power, to kick anyone off, that thinks they are getting a free ride.

This is also a good example, what silver can do with a decline when it wants to.  Sure, there can be a bit more downside, but I’m anticipating a reversal, as this has the markings of a bear trap.   Silver has a little more than $1.00 of downside room left, before the last support level is exceeded. Just like the horse races, it’s down to the wire!  

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