I cannot stress it often enough, how important it is to “not” watch the gold price if you want to figure out where the gold price is going next! Silver and the gold stock ETFs is where the action is as they are the leaders. Silver only has less than 20 cents to make a complete reversal and soar, or it will be one of the first ETFs to cross to a new bear market record low. 2-3 other ETFs are catching up fast and we could end up with a small group creating new record lows. There is no way that silver can be in a bull market, and I think it is impossible for gold to remain high while silver crashes.
Once SLV just closes below $13 then that would confirm that silver was in a bear market rally. All the investors are getting fooled by an Intermediate degree bullish phase, so It will be pretty easy to fool the majority again, once SLV ends on a Primary degree “B” wave rally!
There is no bottom in sight just yet, as I look for bear traps to develop all the time. I have to see when the majority get into a bear trap, at the exact same time, that I catch my own bear trap! I can get out of any situation after about 15 minutes of work at night, and by the time I wake up all my orders have been executed.
Silver is far from a major bottom but look to the 2008 crash bottom as major support $8-$10. Silver has the same sideways pattern like gold, but this triangle is leaning over, which I call a running triangle. I never call them “truncations” as that would suggest an abnormal pattern. There is nothing abnormal about a running triangle.
When the headlines scream about silver not holding the $13 support price, chances are good that a trap is forming.