Cowboy, consider 1, 2, I II of 3 from 19.23 It will be hard to retrace back across the downtrend line now that we are above it to make 20.30. Silver seems to have finished the retract 20.35 to 20.08, at least there is some signs of a pivot up. I of 3 at 21.72 ?? If 21.33 holds ! 21.33 may be the ii ?
Hello Sharpie. Yes, we went 5 waves down from the 20.97 on the 18th to 19.50. From there, we have a 5 wave up pattern in progress. Wave 1 was 19.50 - 19.77. The Wave 3 peak was 20.75 (a 3.62% a very extended wave). Wave 4 retraced to 20.26 (50% typical retrace). Now we head up to 21.73.
My guess is this run to 21.73 will happen very fast (Prob Monday and / or Tuesday) because we have spent half the day this past Thursday and all day Friday on Wave 4.
After we touch 21.73, we either go down in a Wave 2 (to 20.62, 19.98, or 19.50 (most likely 19.98)) or a double bottom at 19.23. Honestly, I wouldn't think that we would go below the 19.23 level unless we touch a double bottom in the area of 17.78.
I might try taking a short position once we touch 21.73 for a quick trade to at least the 20.62 level. Then again, I might just wait until I see us forming a bottom and hitting one of those aforementioned retrace price points in the above paragraph to go long again.
20.75 is my wave 1 up, with wave 2 dn not complete, but time will make it clear one way or the other, Silver futures down 20 cents, so lower to complete the two makes sense right now, but who know what silver will be in the morning. Have a good night, I'm off to bed.