Loading ...$silver weekly candle…
$silver printed a very rare weekly black last week. I think this guarantees we will get a lower weekly close than $24.87 (last week’s closing price) either this week or in the weeks ahead.
If silver were to really plunge here, I would only start to get worried on break below $20.78 in the next 2 weeks. That level represents the flat bottom of the weekly Ichimoku cloud–however, that flat portion of the cloud won’t provide support until we get into the first week of February, 2 weeks from now.
Look what they did to silver in late February 2020. It was in a similar situation as now with respect to weekly cloud support, but they managed to break it below the cloud literally a week before it would have provided support. Will history repeat? I certainly hope not. If it breaks down again, I don’t think it will recover this time.
I probably shouldn’t stick my neck out on silver given its long standing challenging behavior.
But it sure looks like a LARGE correction off its autumn highs, at best.
If the ABC is typical, then C = A, or exceeds it and we eventually see 18ish.
On my system, I won’t see a bullish SETUP even before late spring early summer.
And that’s a best case scenario as I’m seeing it here.
Worst case, we topped last fall, and we’re into a third wave down (not C) with considerably further to go. (The C and 3 would resemble each other, so it will be troublesome either way.)