Silver wave iii ended at the 121.65 high, and it looks like wave iv has become more complex and is still underway, as shown on our chart. Within wave iv, we appear to now be working on a double 3 wave corrective pattern.
Silver also could be showing a double bottom, but that’s too close to call. We might see new lows for silver, but not gold. Silver did break that trend line, signaling lower prices. That would be a positive divergence.
The silver market is experiencing a severe structural deficit, with demand consistently outstripping both primary mining output and recycling, leading to a sixth consecutive year of shortages.
Silver is in the same conundrum as gold currently, at $60.81, the breakdown is under $58, but the breakout isn’t until over $66. We’d actually prefer it over $72 to feel confident.
Now here is a very important point; bearing in mind that most fiat currencies are on course to become virtually worthless in the face of insurmountable debt, all of the action from 1980 through early 2024 can be viewed as a gigantic Stage 1 Cup & Handle base pattern that gold only broke out of to start an unprecedented Stage 2 bull market in 2024.
Gold and silver are firmly in correction, while doing excellent work to refresh for the next bull market rally. Technically, critical support levels are being tested.
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