Silver Intraday Correction Update

From a potential “B” wave bottom in Minor degree, silver surged for most of July. Since then silver has started a correction, which could be finished.  The correction may not be finished just yet, so another plunge below the bottom trend line may still happen.

The correction could be a 4th wave, so another leg up should happen. After the anticipated leg up has completed, then we should be in a new Minute degree wave 1.

As ugly of a correction it was,  silver’s bottom can only fit into a triangle. Any triangle in the “B” wave position is a stark warning that there is one more “Thrust” coming, and once this trust has completed it would also be the end of the bigger bullish phase.   There still is lots of time before we even get close, as it may take until mid or late 2018 before the big bullish phase in silver is done.

If we go back 100 years to late 1918 we know silver peaked, and then imploded into a 13 year bear market, ending around 1932.  Even Steven Jon Kaplan figures the gold/silver bullish phase could last well into 2018, and he is much smarter than me and can read markets far better than any Elliott Wave specialist ever will.

Most of all the other commodities and stock markets also bottomed in 1932, so this time period has significance from my perspective.

I visited my contrarian friend yesterday who also manages other peoples money, and there is no panic in trying to get out of any silver related assets.

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