{"id":145860,"date":"2019-04-15T09:44:16","date_gmt":"2019-04-15T13:44:16","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=145860"},"modified":"2019-04-15T09:44:16","modified_gmt":"2019-04-15T13:44:16","slug":"the-silver-lines-of-opportunity","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/04\/the-silver-lines-of-opportunity\/","title":{"rendered":"The ‘Silver Lines’ of Opportunity"},"content":{"rendered":"
April 15, 2019<\/div>
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How to turn a simple chart into a near-term road map<\/strong><\/p>\n

By Elliott Wave International<\/strong><\/p>\n

On February 20, Variety Magazine’s “Film News Roundup” announced a new thriller coming to theaters near you: “The Silver Bear.”<\/p>\n

Funny enough, that same day, another kind of thriller was playing out in the theater of finance; its name, the Silver Bull!<\/p>\n

The chart below captures the action: Since the start of 2019, silver prices had been on a tear, soaring to $14, $14.50, $15, $15.50 and then $16 per ounce in late February in a white-hot winning streak that has outperformed even gold.<\/p>\n

\"Comex<\/p>\n

Thanks to a wide array of supportive fundamentals including a softening U.S. dollar, a dovish Federal Reserve, increased economic uncertainty and a subsequent rise in demand for traditional “safe havens” such as gold and silver — mainstream news outlets captured the Silver Bull sentiment on high:<\/p>

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“Is Silver About to Explode?” (Feb. 21 Seeking Alpha)
\n“Silver Market Steadily Building Up Momentum” (Feb. 19 Commodity Trade Mantra)
\n“Silver Experiences A Bullish Development that Points to Higher Prices” (Feb. 20 ETF Daily News)<\/p>\n

Yet, off the mainstream screen, we had a very different take on silver’s rally. On February 21, our Metals Pro Service<\/em> identified a classic Elliot wave “impulse” underway from the November 2018 low to the February 20 high above $16 per ounce. And, it was close to being finished.<\/p>\n

For newbies, here is an idealized diagram of an impulse wave, defined as a five-wave move labeled 1 through 5 that adheres to three cardinal rules:<\/p>\n