Loading ...Historic Reversal & Future NINE Dollar Upside Week For Silver
(I wrote the first draft of this post over two weeks ago. While I was confident of it ultimately playing out, I didn’t know exactly when it would begin, as implied in last week’s post about the month being a quiet, seasonal consolidation as it often is. That assessment is now out the window and the thesis of this post is about to come to fruition over the rest of November) November could be setting up as an historic reversal month, ending the recent precious metals smackdown and slingshotting to new ATH’s for both metals, sometime next week. Since Silver’s closing high above $54 dollars, and the following day’s slightly higher intraday high, before the smackdown in Silver began, there has been an over nine dollar correction. This reversal process, is likely to take most of this next week to play out, before the reversal is completed, by reaching new ATH’s in BOTH Gold & Silver. I believe we will witness a dramatic, NINE dollar UP week in the Silver price, before the month of November ends. The Comex raising margin requirements for the third time in just the last couple of weeks, was a desperation move, that is going to lead to the end of the paper market, and usher in the era of physical metal and true price discovery.
WOW
AS SIR PLUNGER ALWAYS SAYS …JOB 1 OF THE BULL IS TO BUCK OFF AS MANY PARTICIPANTS AS POSSIBLE
HA !
You are over your skis Chartsmaster. Every important decline follows a simple and clear pattern of three waves known as an ABC decline. What we are seeing happen now is not a return to the highs but rather the corrective bounce that will precede the next fall.
Agree with Farmer on this one. I feel this is nothing more than Mr Market utilising levers at his disposal to throw as many people off as possible. This recent bottom was so obvious, it must be obviously wrong. Never have I seen the market turn back up with so many riding the train.
The United States has added copper and silver to an expanded list of critical minerals that it deems to be vital to America’s economy and national security.
The new list, compiled by the US Geological Survey, includes 10 additions to the previous one in 2022, taking the total to 60. The other notable additions are: uranium, metallurgical coal, potash, rhenium, silicon and lead. The addition of copper and silver confirms the earlier draft list proposed by USGS.
Great !!
The pattern always consists of three waves labeled A, B, and C, moving opposite to the larger trend, which in silver’s case is clearly UP:
Wave A: The initial move against the trend (This would be silver’s move from the $53.77 high to the the recent $45.51 swing low)
Wave B: A partial retracement or counter-move in the direction of the main trend. It’s usually the shortest wave and often retraces 38–62% of Wave A. (This would reflect silver’s current sharp move higher, but still below the $53.77 peak.)
Wave C: The final push against the trend, extending beyond Wave A’s end point. It’s typically the longest and strongest, often resulting in a “lower low”. (This would result in at least a backtest of $45.51, but more likely a slightly lower low. IF this comes to fruition, it would represent a fantastic lower risk buying opportunity)
The risk is high.