Recently silver has been declining until today as silver woke up! This daily chart is vastly different than gold. Sure, they both do go up, but they are vastly different wave counts. From mid 2016 silver has pattern swings that overlap every wave next to it. To put it bluntly, there are only very small 5 wave sequences which turn into zigzags and then reverse trends.
For the correction down to July 20, 2017, a triangle is my favorite, but a very complex diagonal will also work. The last drop into mid 2017 has also ended with a clean zigzag, which happen in the diagonals as well as triangles. Once we look carefully from the 2017 bottom, (B Wave) we had two higher lows which is the sign of a bull market or big bullish phase still in progress.
Higher lows are created by crashing flats or zigzags and in a bigger bullish phase zigzags retrace everything from where it started from. There is a big zigzag that has not been completely retraced as silver would have to go above $18.20 to do that. Above $20.80 would be the ultimate prize.
Even at $18.50 silver could head south again, but we will deal with that if and when the time arrives. In the last week I have handled a few of those new 10 ounce silver coins and they are some of the best looking coins I have seen. Silvers recent correction looks like it can contain an expanded flat, so I better start the count as the first stage to zigzag.
In order for that to get confirmed I would need silver to head to $17.80. On this daily chart, we have two major price hurdles to clear before any bullish move is completed. Sure, it all has been slow going, but when a “C” wave gets unleashed, the short players will get burned.
I’m not concerned about any rate increases that may still be coming this year as that is a sign of impending inflation, and it’s when gold and silver is supposed to shine. Sure silver and gold can fluctuate wildly in price, but it has an intrinsic value to it, where it can’t fall to zero like “any” paper or cyber tech asset can.