Silver today broke above 22. confirming Elliott wave III (Or Ron’s count wave V).

A complete view of Silver market since end of Gold standard.

Another credible EW analyst has different count that also is very bullish.

“The Elliott wave count is now very bullish and expects new highs substantially above 49.752 in coming years.”

From Ron Rosen report:

“The 1979 silver Major Wave Five breakout bull move was indeed huge. It rose from a breakout level
of $6.445 to the final high of $41.50. This was a rise of 6.439 times the Major Wave Three breakout
level of $6.445 “.

“Last week’s silver high was $19.87. The breakout level is $21.44. Based on last week’s
silver high of $19.87 silver is $1.58 from a breakout above $21.44. ”

Ron calculates square of $21.44. Silver target should be calculated from breakout above old high $49.5 squre. That will put silver price insanely high to $2450.

Look at the chart on last page.

http://www.321gold.com/editorials/rosen/rosen072220.pdf