by Greg Harmon
Gold has been flying on the global crisis in the markets. Moving over $200/oz in just a few days. But Silver ($SI_F) has not had the same positive performance. They do not always move together but a large move by one often trigger the other to move to get the ratio back to a reasonable level. And the charts for Silver look ready to make that move. Start with the weekly Fibonacci chart below.
Support has held at the 23.6% fall back level at 37.94 well and is moving towards 40 again, with series of higher lows and higher highs. Positive on this view. And viewing the Elliott Wave chart below that Silver may be completing wave 2 within the wave V move higher. If wave 2 is in
then it is in for a ride higher. And the Andrew’s Pitchfork analysis shows this may be the case as well. Notice that it is heading higher to the Upper Median line of the bearish Pitchfork near 46 and then there is the Upper Median Line of the bullish Pitchfork over 50 above that. This does not guarantee a move higher, but it looks like the final print on these weekly charts can give us the final word. Be prepared.
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