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…[S]ilver is on the verge of commencing a massive unprecedented bull market which will “officially” kick off with it breaking above the key $30 level…and this could happen very soon. Gold’s massive unprecedented bull market has already begun (see details here) and where gold leads, silver will follow.
This version of the original article by Clive Maund has been edited ([ ]) and abridged (…) by the Founder and Managing Editor of munKNEE.com (Your Key to Making Money!) for the sake of clarity and brevity to provide for a faster and easier read.
….The big difference here between silver and gold is that, while gold has already broken out…, silver has so far only managed a “preliminary” breakout that was followed by a reaction back into the pattern, but with gold striding ahead, this is not a situation that can be expected to last much longer and it is already starting higher. What that means is that silver…[is] a terrific bargain here with these sorts of prices not expected to last much longer, and may never be seen again.
The Long-term Chart For Silver
…[As seen in the chart below] the reaction back into the pattern of the past couple of months is seen as presenting the perfect “buy spot” for silver…ahead of a genuine breakout leading to a vigorous bull market…
The 7-year Chart For Silver
The 7-year chart below shows the right side of the Cup and the subsequent “Handle” in much more detail. The Handle has been comprised of a Head-and-Shoulders continuation pattern with the price staging a clear breakout from it in April, in sympathy with gold’s advance…This breakout has been followed by a normal reaction back to a classic “buy spot” at support at the upper boundary of the H&S pattern and although it is starting to advance again, we are clearly in a very good buying area here with silver still oversold on its MACD…
The 6-month Chart
In the 6-month chart below we can see how silver is perfectly positioned for renewed advance following a normal correction back to support in the vicinity of its rising 200-day moving average.
…[A look at silver based on the] Elliott Wave Theory…[shows] that silver has exhibited a near-perfect 5 waves up in the direction of the primary trend followed by a 3-wave correction which are believed to be waves 1 and 2 of a larger order uptrend. If so, then big wave 3 is imminent which is likely to be substantial.
End of update.