Silver Intraday Bullish Phase Review

Looking at silver with a daily chart it shows we have some way to go before we get close to another Minute degree peak, nevermind getting to another potential wave 3 in Minor degree.  Compared to gold which has already blasted past the July 2016 peak, silver has a “Long” way to go just to get to its July 2016 breakout price.

Silver is lagging far behind gold which has happened many times before, like in 2011.

Of course, silver never caught up with gold, as the 2011 silver peak just barely broke above the 1980 metals peak by just a few dollars, while gold traveled about $1040 during the same time period!

There’s always the 5th wave which can produce dramatic extensions and it will seem like silver is catching up gold!

Gold and silver have a long way to go to finish this “C” wave bullish phase so don’t commit the investing sin by getting out too early!

I trade silver Forex units with my iPhone and just added another unit on August the 8th. There is a good chance this bullish phase can last all year as Christmas shopping can dump trillions into Brick&Morter stores.

Last week the commercials added to their silver “Long” positions, which is a good sign. The hedge fund speculators did the exact opposite as they panicked and sold their long positions and increased their short positions. The speculators are the trend chasers yet the mass media constantly tells us what the speculators and not the commercial hedgers are doing.

Hits: 19

Share this...
Email this to someone
email
Print this page
Print