Elliott Wave 5.0 "Reboot"

Tuesday, April 19, 2016

Silver Intraday Rally Review:



Silver is trying to soar to the moon, but we know this will never happen as much as some gold bulls may like to dream about.  The $200 or $300 silver price is a figment of the Austrian economists imagination as they are extremely biased to gold and silver.   For silver to keep soaring we need impulse waves to form, but when we look back to the start of the silver bullish phase, we have one ugly type pattern that will not fit into an impulse. 

So the entire silver run at this time,  has a very high chance of being just another fake bull market.  Even the beginning of April the run did not produce impulse waves, but started with 3 wave structure. 

This is another clue that this run is a fake.  This does not mean we should not play bear market rallies but we have to know this going into it, or figure it out very fast after it has started.  There still can be some upside left, but at a minimum a correction is due.  The bears attack from the top down, which always surprises the bulls, because it happens when they least expect it.

We could be at another bigger degree "A" wave, but even then we need a big correction for that to happen.