As much as I would like to give you a wave count matching the bullish herd, I can’t. The above silver COT report has the commercials at record high short positions. They do not support a long term bull market in silver. Last weeks silver spike on the daily charts was a sell signal, from my perspective.
All weekend I have conducted reviews in silver and gold going right back to the 2011 peak. There are some serious differences between the two but right now I will deal with silver. I have always complained that silver walks to a different drummer and one reason that this is the case is that no “A” wave in Primary degree has started back at the 2015 bottom and a possible 4th wave in Intermediate degree has recently ended.
What I’m looking for is another Minor degree zigzag that at this time I will not mention any support. From the 2011 peak, I can count out diagonal patterns so the ugly pattern since the 2015 bottom, is just continuing. I have used this wave count many times before and will now run it until it no longer works.