The Silver Slumber Continues
It’s just before the Fed Announcement on interest rates. Silver has been trading between $14 and $15 since August tracing out a mid-trend correction. The Elliott Wave pattern for Silver is right at the point where prices could head down with authority with a raise in interest rates (making the dollar stronger).
Conversely, one could make a case that Silver would head over $15 if Powell comes across dovish. If that were to happen, it would be counted as an end to the upwards correction, people would think something is wrong, and start selling all assets including PM’s, causing Silver to then go down anyways.
Though I expect lower Silver prices, and I labeled this a Short idea, this is definitely not a market you want to Short! This is a market you should be accumulating for the time when Silver wakes up.
Conversely, one could make a case that Silver would head over $15 if Powell comes across dovish. If that were to happen, it would be counted as an end to the upwards correction, people would think something is wrong, and start selling all assets including PM’s, causing Silver to then go down anyways.
Though I expect lower Silver prices, and I labeled this a Short idea, this is definitely not a market you want to Short! This is a market you should be accumulating for the time when Silver wakes up.
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Please see updated chart:
