"Our last update on silver was some months back as we patiently waited for the symmetric triangle of the last 17 months to finally complete. Now that the upper trend line has completed we now look forward to silver breaking into even higher and exciting ground.
[Which means... that NOW we can summon the dreaded HYDRA! Aaaargh! (excuse us)]
Looking at the Elliott Wave analysis of this chart, our previous article of the 29th April offered the following chart to readers [see chart below].
As it turned out, the only missing piece of the jigsaw was whether the final C wave would descend as a standard impulse wave or the less common ending diagonal. As you can see from the first chart, buying pressure forced the C wave into the less bearish ABCDE diagonal and then we were off to the races!
Now as we view the picture since the breakout of September 2004, what can we deduce from the current and tantalizing $2.60 surge in silver?"
To be fair, we've provided the Elliot Wave analysis of the chart below. Readers are welcome to defend this analysis. But perhaps we're better off just accepting that its pretty tough to guess where silver will go. We're much more swayed by worldwide supply/demand argument and such, but even then its still pretty tough.