Silver Gives Multiple Signs of Top
Silver Gives Multiple Signs of Top;
Sharp 1 – 3 Week Drop Could Follow…
Action of Sept. 11 – 15 is Key.
09/06/17 Weekly Re-Lay Alert:
“Gold & Silver remain positive, rallying from weekly & monthly cycle lows surrounding July 10 – 12 as well as from subsequent daily & weekly cycle lows on Aug. 7 – 11.
They took longer than expected to spike up to a weekly LHR and reach an intermediate extreme, extending the duration of the latest advance until price action began to show signs of a crescendo.
That allowed Gold to surge higher than expected during this phase of the advance, reinforcing that it remains stronger than Silver (since January) and on track for new multi-year highs as part of this overall advance.
Silver has spiked to new 3 – 4 month highs as it surged into Aug. 31 – Sept. 7 – the latest phase of a ~13-week/3-month/~90-degree high – high cycle that has timed multi-week/multi-month highs (often secondary or penultimate highs) in early-Sept. ’16, early-Dec. ’16, early-Mar. ’17 & early-June ’17.
This comes immediately after Silver turned its weekly trend up, a signal that is often quickly followed by an initial spike high & 1 – 3 week pullback. Silver needs to give a daily close below 17.50/SIZ to validate that potential.
The XAU is spiking above its April high though it remains well below its Feb. peak. Last week, it attacked the synergistic combination of two weekly LHRs (90.66–91.08) – another signal that usually immediately precedes an intermediate high.”
Gold & Silver have confirmed their projected mid-2017 low, while rallying through a potentially bullish period. That sets the stage for a quick, sharp correction that could last longer than originally anticipated – while still precisely fulfilling the overall wave outlook expected for 2017. Several factors have heightened focus on a future cycle, when a corrective low is more likely. See latest publications for updated analysis. Also, refer to ‘A New Golden Age’ for 2017 outlook. (http://40yearcycle.com/pages/
See Weekly Re-Lay & INSIIDE Track for additional analysis and/or trading strategies.