From $13.962, the rally in silver appears to be completing a triangular 4th (of a 3rd) wave which looks to be targeting the $16.83-16.95 level at minimum. I expect that will end the 3rd wave, price should then consolidate back to nearly the present level, then be followed by a final jump to above $17.50 to end this leg of the upward sequence. I suspect this sequence is an "A" of an "ABC" upward correction.
Comments
AynCzubas
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We got a spike upward, albeit only halfway to the proposed first target and then an immediate drop down to $15.706. However, as long as the price stays above $15.701 (the end of wave "e": the origin of the upward post-triangle thrust), I will stay optimistic on this forecast for a continued rally. I will view this as the 1st wave up.
AynCzubas
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I believe this is what just happened. The 1st small wave up and 2nd wave down have completed. The third small wave up has begun. From the bottom of (2), the projected length of wave (3) would be 1.618 of wave (1), which would be in the 16.80s are, closely matching the original forecast target.
AynCzubas
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$15.701 fell through. Now, my alternate view is that the end of the wave "iv" could have been 16.658:
AynCzubas
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Correction: 15.658
AynCzubas
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$15.658 is going be the dealbreaker, as far as this wave count is concerned. While price stays above it, I think there is reason to expect the rally to boost further upward
AynCzubas
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At this juncture, the only way I can imagine a continued rally based on this contracting triangle view is this: if the "E" wave is a triangle (a rather renegade one) which has spanned out beyond the parameters of its parent triangle but will eventually settle back into the pattern and end at or above wave "C" (see here cyan markers showing rough idea of projected bouncing action -- but not intending to reflect time or price points). This is a long-shot for sure, but I do see this very type of action just happened with the (e) wave in the smaller (iv) triangle in the chart above. It went way out of bounds but came back in contracting fashion.