Silver is still lagging the rest of the PM complex, which is fairly normal as it tends to outperform during the latter stages of a strong rally. Below is one of the daily charts we’ve been following very closely, which shows the falling flag formation with four completed reversal points when the bottom trend line was reached. I tweaked the small blue pattern we’ve been following on the bottom trend line, which was an incomplete trading range. After last week’s rally, I began to look for a possible reversal pattern, and the only one that made any sense with 5 reversal points was the blue diamond reversal pattern, which has formed on the bottom trend line.

I’ve been mentioning that the bulls really need to step up to the plate and not let the price action fall below the bottom trend line, which would then complete the black falling flag as a halfway pattern, which would have a price objective down to the 47 area. So far, the bulls have stepped up to the plate and are holding support.

I would like to show you two versions of this 1980 fractal chart for silver we’ve been following for many years. I don’t have time tonight to go into all the details, but during the bear market years after the 1980 high to the 2002 low, silver formed the massive inverse H&S base with a double-bottom trend line, forming two heads. After the breakout from the double-bottom trend line, the backtest formed the right-shoulder low, which did the exact same thing at the 2022 low. From this perspective, the top in 1980 and 2011 are exactly the same height, and a backtest to 50 would be expected, but so far only 54 has been the backtest low.

Now, if we look at the exact same chart from a line chart perspective, the 1980 and 2011 highs are different on a monthly closing basis. From this perspective, the top trend line slopes up, with 54 being the backtest. So, has silver just completed its backtest?

AGAIN I CANNOT RECOMMEND RAMBUS CHARTOLOGY STRONGLY ENOUGH FOR THOSE WHO WANT TO NAVIGATE WHAT HE SEES TO BE AN EPIC MOVE OVER THE COMING YEARS…HE HAS TIME AND TIME AGAIN BEEN PROVEN TO BE THE KING OF LONG TERM PERSPECTIVES

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NOTE…TODAYS BLOCKBUSTER POST FOR SUBSCRIBERS HAS A CORNUCOPIA OF INTERESTING AMAZING ACTUALLY CHARTOLOGY ON THE PRECIOUS METALS COMPLEX …IT WILL TAKE DAYS TO EXPLORE AND ABSORB…WOW