Silver Daily Chart Update: Bull Trap?

This is a daily chart but I have increased the bar count from a normal 500 to 1500 which stretches this daily chart. This way the top wave 2 in Intermediate degree is showing.  Silver is not even close to looking like gold and I don’t think it is going to catch up. Catching up rarely happens as silver works much better as a leading indicator to what gold is going to do.

Since the 2016 peak, silver has executed a grinding bear market, which does work as a triangle in a “B” wave. Silver also has a wedge that is horizontal, further compounding the forecast in which way silver can go.  We do have a few waves that show higher lows, but that could be just a “D” wave.  Short term gold and silver can fall right along with crude oil.  The fact that silver has been struggling to gain bullish momentum also helps any bearish outlook.  Any “C” wave, crash, can happen so fast it will surprise us all.  I don’t like surprises, so it’s always a good idea to look for them before they happen.

If the bearish 4th wave scenario is true, then the silver market has to crash to new lows, even by a very small amount.

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