And there you go:
First a weekly chart:
We can see a potential inverse H&S forming with a target of around 30!
There is some heavy resistance right above today's high and the 2008 highs though which it has to break through first. Moreover, PMs are usually quite week during the next few months.
But the Elliott Wave count for Silver (click to see the last EW count for Silver (early April)) still suggest a big rally coming.
I had to adjust the count a little bit since my last update after that big sell-off last week:
From the Feb lows Silver formed a nice looking Leading Diagonal and then wave [ii] unfolded in a Zigzag.
From last week's low I can count five waves up to today's high:
A correction to the wave iv low should follow in the next few days but after that Silver should really take off.
Silver mustn't drop below last week's low (wave [ii]) just above 17. Target for this move is between 25 and 30. So, the risk/reward to try a long looks here pretty good.
Edit: The EW count for Gold is a bit different. Gold is already at the end of an impulse that started in 2008. If Silver breaks out we may see an extended fifth wave in Gold because I don't think Silver will rally if Gold sells off ; )
