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Triple Bottom in Silver

By: Joseph Russo | Tuesday, February 11, 2014

The following analysis brief is sponsored by the Chart Cast Pilot and Elliott Wave Technology's Guardian Revere Long-Term Trend Monitor.


 


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As stated in the past, regardless of the timeframe under observation, an existing well-established trend shall remain in force until decisively taken over by a new opposing trend. Three years of a long-term downtrend in the monetary metals has us on high alert for early signs of a bullish trend reversal.

Although lower lows shall remain plausible until a new longer-term uptrend confirms, we are observing the move up from 18.97 rather closely. The genesis of such a reversal usually begins with a five-wave impulsive advance.

Thus far, this latest move up off 18.97 low is displaying a three-wave corrective move vs. a five-wave impulsive affair. At minimum, to confirm a five-wave upward advance from the 18.97 low, we would need to see a print north of 20.335 while holding price action above the 19.465 wave-1 labeled in black.

More convincing a start would involve said move north of 20.335 marking that of a 3rd wave (noted black tag) followed by a 4th wave decline and a subsequent 5th wave advance. Such price action would better-confirm the possibility of a bullish impulsive advance from the last of three bottoms that have established themselves over the last month.

Given the time, depth, and severity of the ongoing bear market, the triple bottom well established thus far at the 19.00 level, is an area of critical support. Loss of said support would increase odds for a retest of the 18.00 handle.

Until Next Time,

 


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Author: Joseph Russo

Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Joseph Russo

Since the dot.com bubble, 911, and the 2002 market crash, Elliott Wave Technology's mission remains the delivery of valuable solutions-based services that empower clients to execute successful trading and investment decisions in all market environments.

Joe Russo is an entrepreneurial publisher and market analyst providing digital online media solutions designed to assist traders and investors in prudently and profitably navigating their exposure to the financial markets.

Since the official launch of his Elliott Wave Technology website in 2005, he has established an outstanding record of accomplishment, including but not limited to, ...

  • In 2005, he elicited a major long-term wealth producing nugget of guidance in suggesting strongly that members give serious consideration to apportioning 10%-20% of their net worth toward the physical acquisition of Gold (@ $400.) and Silver (@ $6.00).

  • In 2006, the (MTA) Market Technicians Association featured his article "Scaling Perceptions amid the Global Equity Boom" in their industry newsletter, "Technically Speaking."

  • On May 6 of 2007, five months prior to the market top in 2007, though still bullish at that time, he publicly warned long-term investors not to be fooled again, in "Bullish Like There's No Tomorrow."

  • On March 10 of 2008, with another 48% of downside remaining to the bottom of the great bear market of 2008-2009, in "V-for Vendetta," using the Wilshire 5000 as proxy, he publicly laid out the case for the depth and amplitude of the unfolding bear market, which marked terminal to a rather nice long-run in equity values.

  • Working extensively with EasyLanguage® programmer George Pruitt in 2010 and 2011, the author of "Building Winning Trading Systems with TradeStation," he assisted in the development of several proprietary trading systems.

  • On February 11, 2011, he publicly made available his call for a key bottom in the long bond at 117 '3/32. Within a year and half from his call, the long bond rallied in excess of 30% to new all time highs in July of 2012.

  • For the benefit of members and his general readership, he responded to widespread levels of economic and financial uncertainty in the development of Prudent Measures in 2012.

  • He publicly warned of a major top in Apple on October 26, 2012 in the very early stages of a 40% decline from its all time high.

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