Looks like Silver is quite oversold - almost as bad as 2008 on the weekly RSI. The MACD is ready to give a long-term buy signal as well.
Following the breakout at $20, silver sped to complete powerful wave (3) advance that terminated at its 1980(!!) high of $50. It has lost up to 50% of the price in the subsequent correction. Two wave counts for the correction are plotted on the chart below, both of which show the market bottoming in wave (4).
The main count in RED has a Diagonal Triangle as the c wave of an a-b-c correction. This would complete wave (4) shortly - likely making a marginal new low, and result in a powerful advance once that occurs.
The second count in GREEN is a Double zig-zag (abc-x-abc). This would probably bottom a little lower than the previous count but should stay above the $20 level to remain valid.
Following the breakout at $20, silver sped to complete powerful wave (3) advance that terminated at its 1980(!!) high of $50. It has lost up to 50% of the price in the subsequent correction. Two wave counts for the correction are plotted on the chart below, both of which show the market bottoming in wave (4).
The main count in RED has a Diagonal Triangle as the c wave of an a-b-c correction. This would complete wave (4) shortly - likely making a marginal new low, and result in a powerful advance once that occurs.
The second count in GREEN is a Double zig-zag (abc-x-abc). This would probably bottom a little lower than the previous count but should stay above the $20 level to remain valid.
No comments:
Post a Comment