Elliott Wave 5.0 "Reboot"

Wednesday, April 13, 2016

Silver Intraday Review: Soaring To Newer Highs!

I kicked silver down by one degree which puts this entire move into Minute degree. All other wave counts "have" to be knocked down as well because if I don't, then I would be falling out of sequence. 

The main thing is when and how this silver rally started. In late 2015 and early 2016 silver had a very rough start with choppy waves that are impossible to squeeze into an impulse. This alone is an indicator that this entire silver rally is a fake and therefore can be completely retraced with a new  record bear market low.  

Silver has made a great explosive move to the upside and even that move is not a pure impulse move as about the only pattern that will fit into is a diagonal pattern. There may still be some upside left, but eventually this silver market will die. It will not go down in a straight line, but it will frustrate us to no end, as that is the job of the markets to always keep us confused to the actual real trend.

When a bullish phase starts out as ugly as silver has there is always a chance of complete retracement  which no other system other than the EWP can give us.  I never had this confidence in reading charts this way until way after the 2008 crash, but it is nothing that is not shown in the EWP book. 

From what I see I have to turn bearish on silver until such a time that a new low is reached or a very good looking "ABC" crash has played out.