SILVER made new ATH. Multi-year Bear Cycle starting.Last time we took a look at Silver (XAGUSD) (August 22, see chart below), we had a clear buy signal on its 1D MA50 at the bottom of the Channel Up, that quickly hit our 4050 Target:
The pattern even broke aggressively upwards and this week crossed the 49.9400 Resistance, which is the All Time High (ATH) from April 18 2011. Essentially that was also the High of the long forgotten January 1980 Top!
Needless to say, cyclical behavior indicates that this is where the market sells and starts new multi-year (2-3) Bear Cycles. The 1W RSI comes to confirm that, as it is only a few points off he 88.80 Resistance, which has been the ultimate sell signal since 1987.
We expect the market to decline to at least the 0.618 Fibonacci retracement level at 20.500, which is also where the first key Higher Lows trend-line (dashed) is.
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