from Elliott Wave Technology:
As silver was nearing recent heights amidst a rather robust awakening from a crushing low at $18.18 per ounce in mid-July, just one month ago, I said that the long-term bear market in the monetary metals is not over – until it is over. I am still waiting for such confirmation.
The move down from the recent high of 25.12 has retraced just over 50% of the most recent advance. Pretty steep for a 4th wave decline but still in the ballpark.
Fret not bulls, so long as the market remains above 20.06 then soon goes on to print a fresh high above that of 25.12, the case for a major bottom in July remains quite plausible.
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