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.
Silver WEEKLY
Silver DAILY
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Silver WEEKLY
Silver DAILY
+TRIANGLE.png)
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