There has been a lot of talk about the precious metals recently ( Gold / Silver ) with many different reasons for the resurgent interest in precious metals ranging from the classic "store of value" to "finite resource" to "growing lack of trust in fiat currencies".
From a point of view I don't really know anything about Silver apart from the basics so if you are reading this and know your stuff about Silver please put it in the comment section.
This chart is from a TA perspective.
Since the beginning of 2002 the price of Silver went on a bull run which peaked in April 2011. That run lasted about 10 years with gains in the region of 1125%. Very nice if you were long on Silver . From an perspective the price printed a nice set of impulse waves.
Then over the course of the next 4.5 to 5 years the price retraced to the 0.786 Fibonacci level, pretty much to the wick. WickHunter loves it when the market obeys Fibonacci. This entire move looks like a massive Wave 1 and Wave 2 has been completed and price is gearing up for a wave 3.
"If" this is the case and tbh that's exactly what it looks like, then Silver could go to the moon here.
I've used the tool on that wave 1/2 and plotted the 1.618, 2.618, 3.618 and 4.236 extensions as targets.
Nobody knows which of the targets will be hit, only time will tell.