Just ahead of the state and federal tax collectors unwelcome arrival on April 15, the financial markets had quite an eventful week. Between the growing geopolitical tensions in North Korea, the BOJ fueling flames of a global currency war, the globalist raid on the Cyprus Central Bank, and the push toward enacting new gun legislation in the US, there was no shortage of distractions.
Today we will update the ongoing price action in silver and show you a very simple way to assure superior results from your long-term investment efforts despite our imposed and collectively consensual form of 21st bondage. Let's start by assessing the carnage in silver.
Much has occurred since last week's update. The first item to note is the downside price captured upon silvers breach of the 26.23 target. Secondly, from an Elliott Wave perspective, upon the breach of 26.07, we have confirmation that a prospective (4) wave down at intermediate degree is still in the process of basing.
Despite another bullish momentum divergence, Friday's downside price action has identified two additional downside targets. The first is 23.00, which is defended with trade and closes beneath the associated falling red trendline marked by the second "R" (for resistance) from the bottom.
More ominously, the close beneath the double-bottom support boundary becomes a mega-bearish line of resistance defending a downside price target of 15.00.
The weekly pit chart below illustrates clearly the cyclical bear market occurring in silver from its peak at 48.58 amidst a much longer-term secular bull market cycle.
If the money-masters manage a takedown beneath 15.97, all bets are off for a mega-bullish (4) wave down. Weekly momentum is racing toward extreme levels of oversold against the past backdrop of bullish confirmation at the 48.58 print high. Continue reading the rest of this article here…