I still regard the rally from 1,180.20 as a wave iv correction and expect more downside action to start soon as red wave v takes over for a decline towards at least 1,145 and maybe even lower towards 1,079 before red wave v and Black wave iii finally comes to an end.
As the series of waves one's and two's wave relatively small and complex we should expect the coming series of waves four's and five's to be simple and relatively large. That would likely mean, that every time a wave four correction takes over all the gold bugs will be calling for the start of the Next rally higher towards 2,000 and even 5,000 and in the extreme way beyond that.
The most important piece of information we have gotten here, was the decline below 21.34 as that told us, that the rally from 4.00 could not have been a impulsive rally, but rather a large zig-zag correction. That said, it does not mean we could not see new Highs for silver. I actually expect to see a new powerful rally once this major correction from 49.79 finally comes to an end, but as is the case for gold we are not quite there yet. Here too we likely have seen the top of red wave iv and red wave v is taking over for a decline towards towards 17.24 and maybe even 15.32 before red wave v and wave iii finally comes to and end.
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