The silver market began the initial subwave of a new, major impulsive wave, marked as the third in a sequence. This cyclical pattern can be traced back to the year 1932, with the completion of wave one in 1968, the corrective wave two in 1971, the impulsive wave three in January 1980, the corrective wave four in 1991, and ultimately, a truncated fifth wave that reached its peak in April of 2011. This entire sequence can be considered as the first impulsive wave in an even higher degree. The second corrective wave ended in March of 2020, with support being found at the 0.236 Fibonacci level. Currently, silver is preparing for what is expected to be the most explosive and unpredictable impulsive wave three in a very long-term scale. Resistance points include:
Silver has embarked on its journey towards reclaiming its historical pinnacle, with the potential to surpass even US80/OZ or higher. My analysis of Fibonacci levels suggests that the price may reach a culmination point of $592 in completing this market wave; however, it must be noted that this projection pertains to a very long-term time frame.