Silver: Still Flying High Weekly Chart Review

I’m impressed with this vertical move in silver as I haven’t had a chart move like this in quite some time.  At the $20 price level silver is going to run into some resistance and at $21 silver is going to make a breakout.

Usually, when a spike like this happens, it’s followed by a correction or complete end of a trend. I don’t think we are at the end of this bullish move as we would get a little more warning with many more choppy wave structures.

This silver move is already past that of a good zigzag (bear rally) so the 5 wave sequence is still alive an well. I took on long silver units when silver was just above $16 and I will let it ride at this time.

We may start to read very bullish scenarios about silver like they are doing with gold but most of them are “Pie in the sky” forecasts.

I still believe a 4th wave will come but it would be far too early if it tried to start a 4th wave correction now!

 

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