Silver is coming out of a 4.5+ years of bear market after more than 70% drop. The prior bull market lasted 9.5 years, and the correction was just half that time. Sounds perfect?
More so the wave structure looks textbook. The 5 waves were done where wave 4 divides the entire rally at 0.618 level, the guideline from the Elliott wave book is that this is an extended 5th wave and correction will reach the 2nd subwave(green) of the 5th wave and the ABC correction has indeed reached that point (green line) and it held as support
Its highly likely that could be the bottom and we are in the beginning of a massive rally as a 3rd wave, considering that 1st wave topped at $50 and wave 2 bottom at $13 or so.
Even from the RSI perspective we just broke above 50 after staying down for a while on the monthly chart. Price also broke above the 50 Month average
Additionally the Gold:Silver ratio appears to be topped out, the RSI broke down from the blue channel and I epect it to go to 50 or below that. From wave perspective we appear to be done with a clean ABC, where the 5 subwaves (green) of the C wave are done and A:C length is 1:1
More so the wave structure looks textbook. The 5 waves were done where wave 4 divides the entire rally at 0.618 level, the guideline from the Elliott wave book is that this is an extended 5th wave and correction will reach the 2nd subwave(green) of the 5th wave and the ABC correction has indeed reached that point (green line) and it held as support
Its highly likely that could be the bottom and we are in the beginning of a massive rally as a 3rd wave, considering that 1st wave topped at $50 and wave 2 bottom at $13 or so.
Even from the RSI perspective we just broke above 50 after staying down for a while on the monthly chart. Price also broke above the 50 Month average
Additionally the Gold:Silver ratio appears to be topped out, the RSI broke down from the blue channel and I epect it to go to 50 or below that. From wave perspective we appear to be done with a clean ABC, where the 5 subwaves (green) of the C wave are done and A:C length is 1:1
