Market Analysis for Aug 7th, 2024

I was not going to write an update on metals, as there really is not anything to really add to the analysis presented earlier this week.

But, I feel compelled to write a note about silver.  I have seen many posts now about how bearish silver is right here.  And, I am getting many members almost pushing me to see this as bearish. I am sorry to disappoint you, but I simply cannot see it as bearish when it is simply completing a 5-wave c-wave structure.

Note that my count is pointing to this move down now as being a 5th wave in wave v of a c-wave of wave 2.  Moreover, you can see the clear positive divergence on the MACD, which has been a "golden" (yes, pun intended) indication for bottoming in silver over the many years I have been analyzing and trading silver. 

Can I be wrong this time?  OF course.  So, if you are uncomfortable, you can feel free to stop out below 25.90 (I am personally giving it a bit more room than that).  But, I am going to repeat that this is a textbook c-wave completing down here.  And, by the comments and posts I am seeing about it, it would seem that the c-wave is doing its job about making people bearish just before I see the potential for a strong reversal.

Again, yes, I can be wrong.  But, that is what stops are for.  Take the emotions out.  Put your stops in, and don't look at it for two weeks.  :)