Silver like gold and other metals has been on a down side move for a long time. The wave count chart below that i have provided indicates that Silver is about to find a low and the correction waves of a, b and c are about to end. The trendline has been holding such that we need silver to go below 13.40 to consider an upmove an uncertainty in the near future. Silver down movement is also coinciding with the month of August -September which is the 3rd quarter of the year and as i stated earlier, i would expect dollar strength to start waning around the 3rd quarter or so. After the correction starts wave 1 and then correction of 1 is wave 2. This is usually a consolidation phase or accumulation as some people like to call it. So a really good time to enter the market in silver would be around the end of 1st quarter next year, until and unless one is comfortable with holding a position over a long period of time. A good strategy is usually to focus on waves 3 and 5. I have indicated a possible movement for wave 1 and 2 unfolding over the next 6 to 8 months.
The Next chart indicates the retracement levels and as the market has gone through the 61.8% retracement level, the market will need at least 4 to 6 months to consolidate and gather strength for an upmove. It would be best to avoid trading wave 1 and 2, be patient and look at silver next year to capture wave 3.
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