Silver May be Ready for the Next Wave Higher
- Posted by Greg Harmon
- on February 22nd, 2012
Silver, ($SI_F,$SLV) is not talked about like it was during its parabolic rise through early 2011, but it may be time to look at it again.
If the bullish Elliot Wave count above has any credence then wave V higher may have started at the beginning of the year and could take Silver as high as $61/oz. Getting over 36 will be a big clue with the 50 week Simple Moving Average (SMA) and top of the Bollinger Bands sitting there. That would also likely turn the Relative Strength Index back higher after flattening recently and would continue the Moving Average Convergence Divergence (MACD) indicator higher. Stay tuned.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)