The majority are all hypnotized by gold, and ignore silver and even gold stock ETF’s, most of the time. Once this silver futures cash chart crumbles below $13 US, then silver was in a bear market rally and the majority were fooled again. Does the silver chart above look like it’s in a bull market? This pattern is just like gold except it’s a running triangle, and about as bearish of a pattern as we can run into. A triangle in a “B” wave zigzag gives us a warning that when this ends, I must also end on a degree at least one degree higher than Intermediate degree.
A Primary degree bottom, would produce a Primary degree top with the counter-rally. The 2011 peak was a 30 year silver mania peak, not some correction in an ongoing bull market.
Commodities do not behave like the stock markets as they are connected with large zigzags, and normal wave counting will never work. In hindsight we can see the wedge form, and the downside move it produced. We still have a long way to go, but silver and a few others are leading the way south to warmer weather! It would not surprise me if silver eventually kissed the $8.00 price level, and we have 4 months to find out.
Silver investors will be crying the blues about this impending silver crash, but shit happens if investors don’t know what bubbles are, or even take the time to learn about bubbles. Back in 2011, Market Vane readings showed 96% bulls present, which is one of the most extreme silver bullish readings ever! I have documented and posted this, as well as others have done. Market Vane has been around since the 60’s and the majority don’t even know about it, or even know how to read it.