The silver market began the initial subwave of a new, major impulsive wave, marked as the third in a sequence. This cyclical pattern can be traced back to the year 1932, with the completion of wave one in 1968, the corrective wave two in 1971, the impulsive wave three in January 1980, the corrective wave four in 1991, and ultimately, a truncated fifth wave that reached its peak in April 2011. This entire sequence can be considered as the first impulsive wave in an even higher degree. The second corrective wave ended in March 2020, with support being found at the 0.236 Fibonacci level. Currently, silver is preparing for what is expected to be the most explosive and unpredictable impulsive wave three in a very long-term scale.
Resistance points include:
— $24.69 (0.382 Fibonacci extension)
— $26.55 (0.238 Fibonacci extension)
— $31.99 (0.382 Fibonacci extension, last wave)
— $43.73 (0.5 Fibonacci extension, last wave)
— $45.29 (0.382 Fibonacci extension level)
— $49.83 (all-time high)
— $59.77 (0.618 Fibonacci extension, last wave)
— $83.11 (0.618 Fibonacci; golden ratio)
Resistance points include:
— $24.69 (0.382 Fibonacci extension)
— $26.55 (0.238 Fibonacci extension)
— $31.99 (0.382 Fibonacci extension, last wave)
— $43.73 (0.5 Fibonacci extension, last wave)
— $45.29 (0.382 Fibonacci extension level)
— $49.83 (all-time high)
— $59.77 (0.618 Fibonacci extension, last wave)
— $83.11 (0.618 Fibonacci; golden ratio)
