If this is a triangle as labeled in the chart, this could get ugly very quickly. Estimated thrust would be down to the $12 level if the E wave has peaked at this level. If the "E" wave pushes above the "A", something else is going on.
Comments
AynCzubas
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The "E" wave had not peaked at the aforementioned level. It did drop sharply at the moment I expected (see chart above) but then developed further and higher, so I have since adjusted my labeling to call that wave "C", which peaked at $17.757.
As of today, it appears that the subsequent wave "D" has bottomed at the lower trendline of the triangle at $16.801 and begun an impulse upward, which I will now consider to be the first leg of wave "E" which should be the final wave of the triangle prior to a major decline.
I estimate that wave "E" will peak at just slightly above wave "C"'s extreme, around $17.70-80, and probably do so in early August when it hits resistance at the downward sloping trendline from the two peaks in 2012 (the only long-term trendline crossing through this forecasted price area). Following that, there should be a 5-wave impulsive thrust which pulls price down by $4.00, to around $13.75. At that level, my view is that price should reverse into (at least) a three-wave ABC rally (possibly with the intermediate wave "B" taking the form of a triangle) targeting $27 or $32 (i.e. about 0.382 or 0.5 retracement of the decline from 2011-2015.
AynCzubas
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AynCzubas
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P.S.: The purple rising trendline at the bottom is established from lows in 2002, 2005 and 2008 and lends strong support to the idea of a bottom in September at the $13.75 level.
AynCzubas
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As of right now, seeing several indications in the wave structure that silver is basing for an imminent launch up to at least $17.328, with potential breaks near $16.293, $16.62
As of today, it appears that the subsequent wave "D" has bottomed at the lower trendline of the triangle at $16.801 and begun an impulse upward, which I will now consider to be the first leg of wave "E" which should be the final wave of the triangle prior to a major decline.
I estimate that wave "E" will peak at just slightly above wave "C"'s extreme, around $17.70-80, and probably do so in early August when it hits resistance at the downward sloping trendline from the two peaks in 2012 (the only long-term trendline crossing through this forecasted price area). Following that, there should be a 5-wave impulsive thrust which pulls price down by $4.00, to around $13.75. At that level, my view is that price should reverse into (at least) a three-wave ABC rally (possibly with the intermediate wave "B" taking the form of a triangle) targeting $27 or $32 (i.e. about 0.382 or 0.5 retracement of the decline from 2011-2015.