Silver - Long Possibility (Elliott Wave)
Commodities: Silver (US/OZ)
Frequency: Daily/Weekly
Predicted Direction: Long (Long-term)
Silver has completed a 5-wave bullish cycle (13 years) before Apri 2011 and then it has been followed by a corrective abc wave.
The corrective cycle wave "a" find support on 78.6 Fib level in 2016 and surged to the highest of the year to 61.8% Fib, showing that the bearish channel after 2012 is most likely finished. Although silver has tested again the lower level in July 2017, the price still stands steady above the 78.6% Fib support level. This could see that Silver will start to revert and carry out the next upward channel back to 50% Fib at 26.77 on the end of 2018.
The US dollar is expected to further depreciate, giving more uptrend acceleration of silver.
JP Morgan has largely increased its silver stockpile in the last 5 years from acquiring 5 million oz of silver bullion in 2012 to now over 500 million oz on hold while keeping the price at a relatively lower level. By artificially controlling markets with short future position, silver price has been underestimated so it would be an opportunity to buy in the coming years
Frequency: Daily/Weekly
Predicted Direction: Long (Long-term)
Silver has completed a 5-wave bullish cycle (13 years) before Apri 2011 and then it has been followed by a corrective abc wave.
The corrective cycle wave "a" find support on 78.6 Fib level in 2016 and surged to the highest of the year to 61.8% Fib, showing that the bearish channel after 2012 is most likely finished. Although silver has tested again the lower level in July 2017, the price still stands steady above the 78.6% Fib support level. This could see that Silver will start to revert and carry out the next upward channel back to 50% Fib at 26.77 on the end of 2018.
The US dollar is expected to further depreciate, giving more uptrend acceleration of silver.
JP Morgan has largely increased its silver stockpile in the last 5 years from acquiring 5 million oz of silver bullion in 2012 to now over 500 million oz on hold while keeping the price at a relatively lower level. By artificially controlling markets with short future position, silver price has been underestimated so it would be an opportunity to buy in the coming years
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