RyNinDaCleM

The long awaited Fifth wave

FX:XAGUSD   Silver/U.S. Dollar
708 1 6
The 4th wave of C seems to be complete, though it's entirely possible that we could see another small rise to retest lost support at ~$26 or maybe even a triangle. In my mind, the only hope for a Bull market from here would only be confirmed by a break of $26.11 on heavy volume , invalidating this count and making it a completed complex correction (WXY).

I have outlined two targets. One of which (Orange) is a common ending point from an Elliot wave stand point. The other (Purple) is more of a dynamic target in that; if it is destined to bounce off of the lower channel, the sooner it happens, the higher the price will be. The longer it takes, the deeper we go...

A big factor in these targets is how well support can get organized. If strong support is maintained, the bottom may be $15+. On the other hand, if support turns out to be rather weak, it could dip to $10-12 if only for a spike. I am holding out for a $15 buy-in, myself! I don't want to get too greedy ;)
RyNinDaCleM
3 years ago
Update:
Continuing Coverage of Silver
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