Elliott wave analysis on Silver

Silver

CJ asked me about Silver and if a triangle was developing. The answer to that is yes it is a triangle. It could be a b-wave triangle calling for a little more upside action before the next decline. However, I do think it's more likely, that this is a wave iv triangle calling for the final thrust Down in blue wave v, but that does not make the next low the final low. We will see more downside action and we will also soon have the final decision on whether the major rally from 4.00 in 2001 to 49.79 in 2011 (nice 10 year rally) was just a major corrective rally or it will develop into an impulsive rally. All odds favor the corrective scenario at this point.