Silver Daily Chart Crash Review: Last Chance

Silver is on its last chance to finish displaying a zigzag crash. Any new record low below $15.20 kills this wave count, so it will be critical for the next few weeks. There is a rally starting to happen, but the rally is questionable starting out. Either way we are heading for a third bottom, if silver breaks. Since the August 2016 peak, silver has been in a bearish phase that has very few sets of impulse waves in it.

To put it mildly, “Choppy as Hell”! 😯  Even though silver seems like its going to fall into the abyss, that doesn’t mean it will. Who cares about silver when Bitcoin dominates the news in the financial world. The seasoned contrarians know better, that when the public hates an asset class, then they should be buying at depressed prices. 

I lowered the wave degree back down by one degree, just in case we are in a diagonal 5th wave. I have done the same for gold as the 2011 top, may not be a Cycle degree top like I have been using. It could be a  diagonal wave 3, in Intermediate degree. Back in late 1999 they hated silver at that time as well, and look what happen to silver after that!  They hated gold even more back in those days, as anybody that had a warm body was selling gold and silver. 

Any “C5” wave bull market from a zigzag  still amazes me because they can soar so disproportional to the “A” wave.

For the rest of the year I will use this degree level in silver. I have already started the same idea with gold, which I will post this weekend.

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