My current view of Silver's long term Elliott Wave structure beginning from the 1960s fixed price of $1.29/oz. I currently believe it is in a lifetime diagonal and is marching its way up wave III of (III). Using arcs to perhaps get a better sense on timeline. With silver patience is key. Wave III can target anywhere between the 0.786 ($81) and 1.382 ($350) extensions from the I-II (2011 high to 2020 low).
Also notice the fib retracements on waves (II) and II. (II) undercut the 94.1% in 1993 and II undercut the 78.6% in 2020. Just as these undercuts occurred during major lows, I would also expect overshoot to occur on the upside on wave 3s and 5s, given how emotional silver investors can be.
Also notice the fib retracements on waves (II) and II. (II) undercut the 94.1% in 1993 and II undercut the 78.6% in 2020. Just as these undercuts occurred during major lows, I would also expect overshoot to occur on the upside on wave 3s and 5s, given how emotional silver investors can be.