Silver Trying To Be Very Bullish?


I have discussed this before.  When metals turn really bullish, the pullbacks become really small or really shallow.  

So, I am still looking for more of a wave 2 based upon two counts I am showing in this 8 minute chart.  The b-wave would simply be an expanded b-wave structure for wave 2, which still needs a c-wave down.  But, we would need to stay below 23.90/24 for this potential.

The other potential is that the high we struck the other day was only a very extended wave iii, yesterday's pullback being wave iv, and this being wave v in a more extended wave 1. 

The issue is that the pullback thus far was REALLY small, and not yet reliable for all of wave 2.  So, I am just tracking other potentials as long as we remain below 24.40.

What it comes down to is that as long as silver is below 24.40, I can reasonably maintain an expectation for a more reasonable 2nd wave pullback.  However, if we take out 24.40, it makes it much more likely that we are on our way to the 27 region to complete wave [1], and the bigger break out set up has begun, as outlined yesterday. 

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Avi Gilburt is founder of ElliottWaveTrader.net.


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