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Joseph Russo

Joseph Russo

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating…

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SILVER: Prospects for the Birth of a New Bull Run

Silver Bull

The prospect for the birth of a new Bull-Run in Silver speaks to a broader cyclical theme that relates to a dying dollar bull, and a corollary cyclical sentiment shift back toward a strong market preference for tangible vs. paper assets. From its current cyclical low in December of 2015, Silver Bullion has risen 30%.

In the broadest of terms, the above referenced theme would suggest the early adoption of a general pair's trade that was short the dollar and long commodities.

At present, from an Elliott Wave perspective, the 30% rally in Silver is somewhat tentative in terms of whether or not its wave structure is exhibiting impulsive (bullish) or corrective (bearish) patterns.

Daily Silver Chart

From its cyclical low at $13.63, the 1st wave move up to $15.99 appears impulsive. The sideways expanded flat/running correction to the noted wave-2 low at $14.78 was clearly corrective in nature, which led to a rather impressive run to the current print high just under $18.00.

The latest move up is clearly impulsive however; price needs to run higher in amplitude toward the $18.60 level or better yet, toward the rising blue upper trend channel boundary in order to satisfy the appearance of a sufficient 3rd wave advance.

 


Click here for additional observations relative to confirming the birth of a new bull market in Silver Bullion.

 

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