KondrackiKarl
Long

Silver to $27 beginning of 2021?

TVC:SILVER   CFDs on Silver (US$ / OZ)
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5
575 2
Silver has gained about 1000% in about 8 years from $4 in 2003 to about just under $50 in 2011.
From there Silver retraced 78.6% to about $13.80.
The current recovery has seen a near 40% gain.
Current estimate is that Silver will reach close to $23 by tax time 2020 and then reach further to about $27 in the beginning of 2021.
Comment: Current short term estimate using Elliott Wave analysis

I have tried to label each wave for clarity.
Counting the low from the second touch just under $14 as the start of wave 1.

Placed a channel from the starts of wave 1 and 3 and pulling to the end of wave 1.
Wave 3 broke through the top and wave 4 retraced to sit on the top of the channel
Wave 4 retraced to the terminus of the previous fourth wave of one lesser degree.
Wave 4 (ABC) retraced 50% of wave 3
I do not see silver dropping below $17.

Using Fibonacci extensions for potential Wave 5 targets:
Pulling from wave 1 start to end and third point at the start of wave 4
targets $22.75 at the 1.618% extension

Comment: Last update has a an error:

Using Fibonacci extensions for potential Wave 5 targets:
Pulling from wave 1 start to end and third point at the END (not start) of wave 4
targets $22.75 at the 1.618% extension
Comment: Original estimate for wave 5 to end was March 30th
which is 2.382% extension of wave 1 (start to end) and pulled to start of wave 5

Comment: Alternate Wave 2 labeling as a WXY (?Flat, Any Three Zig Zag?)
Comment: The C on the Zig Zag on last image was ment to be where the Y is labeled but didnt replace it during adjusting
Comment: Current estimate/hopes for Silver

excellent analysis
Reply
@awh2830, Thank you
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