Key Silver Market Update
April 16, 2018
Short Term Update:
(Double click to enlarge this image)
We are still working on the assumption that all of wave ^ii^ is not complete at the 16.10 low.
We have a complex wave ^ii^ correction that is still underway, with wave $c$ being an incomplete diagonal triangle.
We need to drop to at least the 16.10 low to satisfy to minimum requirements for the completion of this pattern.
A break and close above 19.95, and above the blue upper trend line of our wave $c$ diagonal triangle would suggest that wave $c$ and all of wave ^ii would be complete at the 16.15 low.
This would be considered a failure signal, and failure signals can be unreliable so we continue to look for the silver price to decline to $16.10 before any big upside action gets underway.
Longer term our first projection for the end of wave .iii. is:
.iii. = 1.618.i. = 22.03.
Trading Recommendation: Go Long silver now, and buy more near $16.10. Use put options as a stoploss!
Current Active Positions: We are long, with puts as stops!
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