Silver Double Bottom, Weekly Chart Review!

 

I see the silver peak of 2011, as a mania cycle degree peak, that comes along once every 30 years, with a reliability of  ± 1 year.  Silver has always been marching to a different drummer, and the main reason I see is that silver is in a diagonal wave structure, just like “All” commodities are. If the bottom is in, then silver should soar as well as gold.

Silver was just short of a downside breakout but is now producing a double bottom that they may call a “truncated” move, I call it a running pattern, which can create a very bullish move. We would also have an H&S setup, which also adds to the bullish scenario.

At the $34 price level silver would be running into critical resistance, but it should travel much higher than that 2016 peak. The same resistance level for gold would be at the $1800 price level.

Don’t expect silver to soar to $200 or more, as normal wave counting will never work with commodities.

I have a running triangle, which always dictates that a higher degree wave position must be found!  That may not happen until my 5 waves in Minor degree are finished,  including the “C” wave in Intermediate degree.

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