Silver has started a new, major impulsive wave 3.The silver market began the initial subwave of a new, major impulsive wave, marked as the third in a sequence. This cyclical pattern can be traced back to the year 1932, with the completion of wave one in 1968, the corrective wave two in 1971, the impulsive wave three in January 1980, the corrective wave four in 1991, and ultimately, a truncated fifth wave that reached its peak in April of 2011. This entire sequence can be considered as the first impulsive wave in an even higher degree. The second corrective wave ended in March of 2020, with support being found at the 0.236 Fibonacci level. Currently, silver is preparing for what is expected to be the most explosive and unpredictable impulsive wave three in a very long-term scale.
Resistance points include:
- $24.69 (0.382 Fibonacci extension level)
- $26.55 (0.238 Fibonacci retracement level)
- $45.29 (0.382 Fibonacci extension level)
- $49.83 (all-time high)
- $83.11 (0.618 Fibonacci; golden ratio)
