Amid all bottoming speculations and Rate Hike in 2016. Gold and Silver gave tough time to the Bull Speculators at end of the year by diminishing the bull story for almost 80%. For EW, it was expected, though it was quickfall even for them.
I believe a long term traders should try to take small chunk of buy at $15.3 where I see the possible bottoming. I expect the Corrective pullback (wave 4) towards $23.350. Which is almost 8$ rally. This is best possible trade for 2017 for any precious metals. I expect this to finish by at least end of 2nd qtr.
I will Keep posting on lower TF time to time whenever required or you ask me to do it.
Note : (c) of ABC could be extensive (618 fib) towards bottom, so plan and trade wisely with suitable money management.
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After doing bit more due diligence, I think I have refined my thoughts. We have to take previous bottom in calculation before we make entry. I would suggest to accumulate this metal in small parts, confirming step by step. My more refined counts.
@Smithvictor, Well apparently there could be quick low towards 1101, but 1000 is quite far fetched after continuous bleeding, its difficult to find new shorts at this levels, esp. by commercials. The price action is also suggesting the bull basing... So next pending wave upside could be in the play soon.
Raja8934
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this is my exact thought on silver
almoni33
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are you kidding ? silver price 3 or 5 according yours 4 cast ???
silver is trash but paper bucs $ is king ??? hahaha
robus
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@almoni33, I respect your disagreement. I hope you come up with counter argument and chart for longer term perspective on silver.