Based on the analytics, it seems that the rise may happen in November 2024. However, if the economic outlook for 2024 worsens and a recession occurs, or if the price of gold suddenly increases after interest cuts, it is very possible that this rise may start as early as April.
Still got few months to keep averaging down.
What silver bug wouldnt own it . Well... me until last week... I like the pattern here trading above the pennant ... plus i like a deal. Good time to accumulate i think.
Accumulation over the past few months has been looking nice.
Great spring for liquidity prior to this test.
3rd time testing resistance I fully expect this to breakout with great strength.
Watching for the breakout above 48.60 area.
Will be a buying on the retrace turning current resistance into support.
Canadian listed $paas looks a lot better than US counter part. Check out the current correction to monthly defined neckline. If month closes above, then could be start of reversal and move to 73$ target. Also not this will help $sil and $silj.
The fact that Silver prices remain cheaper than the S&P rally may have a positive effect on the stock.
In order to reduce the financial leverage, the Stop-Loss value has been manually converted to lower values.
In addition, the buy signal was taken from the weekly chart :
The infrastructure on which the analysis is generally based is given in related...
First wave complete, then a flat, now about to launch into full wave 3
Short term must see 5 waves up and get to at least $25.8-$26.
Longer term target 1.5-1.618 extension of the first wave
No trade yet. Watch for a rally above $19.30 which could signal that a false breakout below the prior lows occurred. IF IT KEEPS DROPPING, WITHOUT GOING ABOVE 19.30: NO TRADE.
Keep a tight stop loss below the recent low. Conservative target at the descending trendline still offers a nice reward:risk, with potential for a huge reward:risk if the price breaks...
