EW for Bob
The folks over at elliottwave.com are having their free event right now. Here is their forecast for Silver. Basically, they calling for eventual new lows below $12 to complete the bear market. I can see that happening in conjuction with a severe recession and a bear market in equities.
Thanks Traderscott
To $12…I say NO WAY JOSE ( THATS BOB IN SPANISH)
all one can really do is buy with a stop at the right shoulder and raise as it goes, this buy and hold for the moon just does not cut it. In and out, repeat. works with shampoo too. USA likes a low currency for debt repayments and Klaus wants to crush them and enjoy a high Euro. The trainwreck has left the station.
https://www.tradingview.com/x/OvLXrL25/
I can’t pull up the chart with any clarity to assess.
I can see the title though (c/t rally) and agree with that part.
Too soon for me to gauge a target. Not a fan of price targets.
Enlarged for you pedro
Thanks, Fully.
Only those following this sector in EW terms will be able to make any sense of this.
So for those who care.
The circle B at the top/highs lines up with the giant ABC (or ABCDE) move off the 2011 highs. Just like for gold and miners. In line with everything I’ve written since 2015 here.
The (C) of circle B into the 2019 highs has all the hallmarks of a bullish five wave move. That appeared to be the START of something. But EWers expected a second bull run, after the early 2016 run and were waiting for the bookend. I called it out at this site that autumn, as a major top.
That’s all history now. We’re in circle C down. C’s are 5 wave affairs. ALWAYS.
But its been VERY leisurely so far. Out of character.
EWI thinks we’re TRIPLED NESTED to the bear side. (Yes, that’s a big deal.)
Because they have C down starting with 1,2 1,2 1,2 at successively lower degrees.
If they are right, we either get ANOTHER set (pushing you’re luck) … or we WILL gap down and CRASH HARD in 3 of 3 of 3 of C.
But not until this third 2nd wave completes. b and c of little circle ii remain.
A few weeks back, I was already warning of this potential … a rally into a top that coincides with a general crash wave.
I’m not endorsing this count just yet, but the risk is very real.
Anyone following Beltway moves is aware of the Train Wreck ahead. (its already happened)
How much more liquidity from central bankers does one really expect now, with inflation stoked and ‘hyper’ on people’s minds if not tongues?