Cowboy, Sharpie and others interested in TA, particularly fib analysis, have a look at an article titled "Miners: End of the Bear Market?" dated April 30 at safe haven punctuation commercial. While the work is done for HUI, the analysis is very interesting for both value and time. Bottom line takeaway, a long term bottom may be in.
I don't think the low is in , but its not to be resolved today. From the low this morning, there might be a iv retrace and a i ii of a wave going lower. That said ,there is no clear EW count, grin someone said retraces are hard! Sort of expecting 21.74 / 21.80 tomorrow morning, the 127.2% fib extension. Also on the way up, a couple of 127.2 % steps to get to 23.10 and 23.50 levels. ...... Silver Ref: 19.20
Silver Ref: 19.20 , Low 19.07 , last 1912 . . . SLW low back on 4 / 15 may provide support . . 21.74 / 21.80 . but it should happen pretty quickly , a good chance to add longs or Calls . I m all in at 22.08 , so will have to just go for the ride.
You're exactly right Sharpie. This is clearly a minor Wave iv, without question. This morning was W3. Thinking early in the morning we bounce up to at least 22.38 to conclude minor Wave iv. Then we go back down to finish minor Wave 5 at 21.56 or 21.66 (revised numbers based on more current data). That should be the end of Medium sized Wave 2. Then we should really seem some strong movement upwards! We still have to get through all the moving averages though (20, 50, 100, and 200-day).