Silver – most likely made a major bottom in mid March 2020
Let me show you a macro ( 1 ) up – ( 2 ) down bullish setup in Silver on the weekly chart below.
Off the all time high top made at 52.93 in April 2011 silver completed a very deep corrective (A)-(B)-(C) down structure.
That corrective structure could bottom 11.77 in March 2020.
That low is higher than the starting point of wave ( 1 ) up in early 2000s. Any bullish setup has a strong move up followed by a corrective looking move down making a higher low.
Silver - weekly chart updated on 5-26-2020
If Silver made a major low and completed a large corrective structure in mid March 2020 then it needs to make the first (a)-(b)-(c) up structure of wave ( i ) up.
Subwaves ( a ) and ( c ) up should have impulsive structure.
They need to be composed of five micro waves.
We can see that Silver is in a corrective wave iv of ( c ) of ( i ) up.
Silver - 30 min chart updated at 10-30 PM on 5-26-2020
That micro corrective wave iv down my bottom at 17.06-16.85 (see on the 30 min chart below).
After completion of that micro wave iv down silver may push higher once again in the final micro wave v up that would complete subwave ( c ) of wave ( i ) up.
Unfortunately every large rally starts from relatively small wave ( i ) up followed by a deep pullback in wave ( ii ) down.
In this case a corrective wave ( ii ) down in Silver may push price back down to 14.60 – 13.80.
Silver - 30 min chart updated at 10-30 PM on 5-26-2020
Important Disclaimer
CastAway Trader LLC, the publisher of this web-site and videos is not registered as an investment adviser nor a broker/dealer with either the U. S. Securities & Exchange Commission or any state securities regulatory authority. Users of the website www.castawaytrader.com and viewers of the videos are advised that all information presented on the website is solely for informational purposes, is not intended to be used as a personalized investment recommendation, and is not attuned to any specific portfolio or to any user’s particular investment needs or objectives.
Trading stocks, options, or futures carries a high level of risk, and may not be suitable for all investors. Before deciding to trade, you should carefully consider your objectives, financial situation, needs and level of experience. CastAway Trader LLC provides general overview of trading methods that does not take into account your objectives, financial situation or needs. The content of this website must not be construed as personal advice. All trading setups and/or trades presented in the web site and/or trading chat room by CastAway Trader an/or by other members of the chat should be considered hypothetical for educational purposes only and should not be expected to be replicated in a live trading account.
An investor could potentially lose all or more than the initial investment. You should not speculate with capital that you cannot afford to lose. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style.
You should be aware of all the risks associated with trading. You should seek advice from an independent financial advisor.
Any information posted on this web site is not to be construed as an offer to sell or the solicitation of an offer to buy, nor is it to be construed as a recommendation to buy, hold or sell (short or otherwise) any security. All users of the website must determine for themselves what specific investments to make or not make and are urged to consult with their own independent financial advisors with respect to any investment decision. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. All opinions, analyses and information posted on the website are based on sources believed to be reliable and written in good faith, but should be independently verified, and no representation or warranty of any kind, express or implied, is made, including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. In addition, CastAwayTrader LLC and its officers and employees undertake no responsibility to notify such opinions, analyses or information or to keep such opinions, analyses or information current. Also be aware that the owners, officers and employees of the web site www.castawaytrader.com may have long or short positions in securities that may be discussed on the website, Premium Trading Chat room and/or in the videos posted by CastAway Trader LLC.
Past results are not indicative of future profits.
