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Tuesday, February 22, 2011

Tuesday 2/22/11 wrap up

SI (silver)
Silver has been in an accelerating bull market since lows in the fall of 2008.   Currently it looks to be in Minor Wave 5 (red) of Intermediate Wave 3 (purple) of Major Wave 3 (blue) of that bull market, so there certainly appears to be a lot more upside potential over the coming months.

SI - daily

Minor W5 looks to be only partially complete.  Since the Minor W4 low on Jan 27, a Minute W1 & W2  (green) can be counted, with Minute W3 in progress.  Minute W3 is extending, with Micro Waves 1 through 3 (black) done and Micro W4 in progress.  If this count is correct, there should be a continued strong upsurge for a month or two yet.   There are alternate counts here which are less bullish, but the surge over the last week supports the more bullish scenario presented below.

Silver - hourly
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