Silver Price: 31.67 $ per troy ounce - ISIN: XC0009653103
SILVER is since May 2011 in a comprehensive correction. Within its, many correction variants are possible. In the greater time level a wave 4 is expected. It is not quite sure if the wave 4 already finished at the end of 2011, or whether there is more to come.
Should the wave 4 be finished, then the last peak would be counted as wave 1. Should they not be finished, then the pulse would be only the wave c of wave b. This wave b by the way is exactly the same length as the wave a, and could be quite a perfectly harmonious aspect.
Assuming the bullish case, the already completed wave 1 would expect a wave 2, then this wave will make the sub-waves a-b-c, or even more complex. Certainly is the make or break mark for the wave 2 at $26.00.
Conclusion:
SILVER above the $26.00 has a realistic chance to form a medium-term bottom, BUT also a slight peek below the $26.00 mark cannot be excluded. A sustainable bottom, which determines the end of a wave 2 cannot yet be identified.
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