Today a strange thing happened. S&P is up, Gold is down, but Silver refused to go down and stayed strong.
The first 2 is expected but Silver not moving down even more than Gold but stayed strong is not. The explanation that I can think of is that people are buying "cheap protection" in case the market corrects. However, given that this is a compounded 3rd wave, correction will not come or it will be shallow.
What I expect is that those market participants will then quickly dump their Silver and buy up stocks or S&P futures or anything just to chase the market and make up for the actual losses or loss in potential profit because of the hedge.
Thus, I will say that we are now in a "pre-euphoria" stage but the "Euphoria" stage is really not that far behind.
What this means is that even though the market is high, if you are a trader, you should chase it. But your entry should be more strategic. Do not buy all at one go. Enter an amount that you are comfortable with the risk. When you are already deep in the money, enter the rest and shift your stop up.
How do we know when we are in the "Euphoria" stage? I will use Silver. If it breaks down strongly, it will be my confirmation.