Benji Miller's Market Insights is a public resource created to share and inform market participants about the technical outlook of the markets with a focus on the precious metals. The author of this blog is an experienced and proven money manager, market technician, and trader.
Benji Miller is an experienced Elliott Wave analyst/technician.
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Tuesday, January 8, 2013
1/8: Silver update
As I have been saying for several weeks now, I believe we are in the final phase of silver's extended Wave (4) consolidation that began when silver peaked near $50 in early 2011. From an Elliott Wave perspective, I believe we have a Wave W low at $26.10 earlier this summer... a Wave X high at $35.44... and one more low coming perhaps near $28 in the coming month or two. This final Wave Y appears to be a characteristic ending diagonal, and that is why I expect one more new Wave (e) low after a Wave (d) up in the next few weeks.