Silver: Jumpy

While bears aren’t normally known to be jumpy, the bears on the silver market have just shown signs of scariness. They must have been so focused on their way downwards that they didn’t realize how close they had already come to the support at $21.98. Although they have shrunken back from this mark, we expect them to pick up courage again quickly – after all, they have been so strong and composed lately. So, the bears should push silver below $21.98 and towards the orange zone between $20.91 and $19.59, where wave iii in orange should end. Then, a countermovement should lead silver back above $21.98, where it should finish wave iv in orange before resuming the overarching downwards movement.