INTERNATIONAL SILVER WEEKLY PERSPECTIVE ( From 2001 till date) Prices are in $/Oz :-
Our preferred wave count is as follows:
WAVE 1I - which in leading diagonal starts from 4 ( Nov 01) - 5.13(JUL 02)
WAVE 2 - 5.13(July 02) – 4.34 (MAR 03)
WAVE 3 - 4.34(MAR 03 – 15.17 (MAY 06)
WAVE 4 - 15.17(MAY 06) – 11.03(AUG 07)
WAVE 5 - (Failure ) 11.03(AUG 07) – 18.67(JUL 08)
Correction of Entire Rise :
Wave A - 18.67(JUL 08) – 9.11(DEC 08)
WAVE B – 9.11(DEC 08) – 18.63 still in progress
Internals of WAVE B : Zigzag
wave a : 9.11( DEC 08 ) – 16.22(JUNE 09)
wave b : 16.22 ( JUNE 09) – 12.44 ( JUL 09)
wave c : 12.44(JUK 09) – 18.63 still progress….
It looks like that we are in corrective wave c of Wave B as shown in the chart. As long as support of 17.00 intact we can see a potential rise towards 20 – 21.50 -23 for wave B completion
If support of 17 breaks decisively then it will a higher possibility that WAVE B will get completed at near-term high.
CONCLUSION: Short to medium term investors can hold long positions with stop loss of 17.00
Gold likely to touch USD1200 - USD1400 very soon;-
We assume that an major pattern is terminated at the SEP 1999 low at USD251 and new impulse has started from there on. (Prices are in USD/Oz)
Our preferred wave count is as follows:
WAVE I - 251(SEP 99) – 338(OCT 99)
WAVE II - 338(OCT 99 – 253 FEB 01)
WAVE III - 253(FEB 01 – 1152 still in progress
Internals of WAVE III
Wave 1 – 253 FEB 01 – 389 FEB 03
Wave 2 – 389 FEB 03 – 340 JULY 03
WAVE 3 340 JULY 03 – 988 JULY 06
WAVE 4 988 JULY 06 – 680 OCT 08
WAVE 5 680 OCT 08 – TILL 1152 still in progress
INTERNALS OF WAVE 5
Wave I - 680 OCT 08 – 1005 FEB 09
Wave ii - 1005 FEB 09 – 864 APR 09
Wave iii - 864 APR 09 – 1152 still in progress.
If the above count structure is true then the target area for wave iii is anywhere between 1200 – 1400.
The broader time frame channel value for wave 5 is at 1400 and projection target is 1400 – 1700
MARKET EDITOR :- NITESH JAIN JOIN US TO ROCK EVERY DAY
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