It appears that Silver has completed a wave 4 (of 3). It immediately rose to the first Fibonacci projection of 1.618 and is entertaining moving to the 2.618 level.
As the Wave 2 of the next higher level took around three months to play out, I am anticipating that when this wave 5 is completed and the higher level wave 4 begins, Silver may consolidate for a similar amount of time, meaning that we may drift to the end of the year.
But as wave 5s are said to often be the most explosive in commodities, it will be important to be patient as this minor wave 5 plays out as well as the wave 5 of the next higher level that could begin playing out, if my review is correct, early next year.
I'm currently looking to confirm the double bottom formation. This would require breaking above the last major high of 21.14 on XAG and 19.73 in SLV.
As the Wave 2 of the next higher level took around three months to play out, I am anticipating that when this wave 5 is completed and the higher level wave 4 begins, Silver may consolidate for a similar amount of time, meaning that we may drift to the end of the year.
But as wave 5s are said to often be the most explosive in commodities, it will be important to be patient as this minor wave 5 plays out as well as the wave 5 of the next higher level that could begin playing out, if my review is correct, early next year.
I'm currently looking to confirm the double bottom formation. This would require breaking above the last major high of 21.14 on XAG and 19.73 in SLV.