{"id":938,"date":"2011-05-02T11:14:34","date_gmt":"2011-05-02T15:14:34","guid":{"rendered":"http:\/\/www.silver-investor.com\/blog\/?p=715"},"modified":"2018-06-10T10:58:17","modified_gmt":"2018-06-10T10:58:17","slug":"understanding-where-we-are-in-the-silver-bull-market","status":"publish","type":"post","link":"https:\/\/www.themorganreport.com\/blog\/understanding-where-we-are-in-the-silver-bull-market\/","title":{"rendered":"Understanding where we are in the Silver Bull Market"},"content":{"rendered":"

David Banister- www.MarketTrendForecast.com<\/a>\u00a0 May 2nd<\/sup> 2011<\/strong>
\nLast August I told my subscribers to prepare for a monster rally in Silver, which at the time of my forecast was $18.73 per ounce.\u00a0 I drew up a chart and predicted a huge rally to $29 an ounce, and we ended up at $31 or so just a few months later.\u00a0 This was entirely a crowd behavioral move that I foresaw in advance, based on patterns that R.N. Elliott developed in the 1920\u2019s and 1930\u2019s.\u00a0 My theory was besides the crowd pattern (a 20 month odd Triangle consolidation), that investor\u2019s would begin to view Silver as \u201cPoor man\u2019s Gold\u201d and buy it.\u00a0 Literally, the idea is as simple as investors will simply think that \u201cGold is too expensive, but silver is cheap\u201d.\u00a0 That is the explosion power that is behind this move from $19 to $50 an ounce since late August 2010.
\nBelow is the original chart I sent to my subscribers outlining this triangle pattern and the likely move:
\n\"\"<\/a>\u00a0
\nAfter Silver ran hard and fast, it left a lot of talking heads on CNBC and everywhere else scratching their heads and wondering what just happened. If you learn and understand the basics of Elliott Wave Theory, you can begin to foresee what is about to happen and stop scratching your head all the time.\u00a0 Watching the analysts on CNBC is like watching the Monday morning quarterbacks following an NFL Sunday.\u00a0 After that massive silver run from $18 to $31, it was time for a correction and I called for $25 to $26.50 as likely in a normal pessimistic crowd wave 2 pattern down.\u00a0 Once that completed, I sent my subscribers the chart below outlining another Bull wave to $39-$45 per ounce:
\n\"\"<\/a>\u00a0
\nSilver then eventually ran to $45 per ounce in April of 2011 and had a brief spike to near $50 to test the all time highs just in the past week or so.\u00a0 The action has been wild since then, because after a wave pattern from $18 to $31, then back to $26, then up to $47\u2026 the crowd will begin to turn mildly pessimistic in a current \u201cwave 4 \u201c correction pattern.\u00a0 This is when you will begin to hear excuses for Silver dropping, including believe it or not blamed on the death of Osama Bin Laden.\u00a0 In truth, whatever happens near term to explain the current correction in Silver is simply Monday morning quarterbacking.\u00a0 Using the current days headlines to explain the action that I already know is coming.\u00a0 Other excuses are the change in margin requirements on silver contracts and the squaring of positions at end of month etc.
\nI expect Silver to correct to the 40 to $42.75 areas based on my Fibonacci work and Elliott Wave views, and after this 4th<\/sup> wave consolidation we will see a surge to as high as $60 per ounce.\u00a0 Any pullbacks in Silver should be bought here and same with the Silver stocks post haste. Below is my latest chart forecast on Silver:
\n\"\"<\/a>\u00a0
\nIf you would like to stop scratching your head, get more comfortable where the markets are heading in both Gold , Silver, SP 500 etc in advance, then take a look at www.MarketTrendForecast.com<\/a>, and take advantage of a 24 hour coupon special to subscribe, or just sign up for the occasional but not always timely free updates. Our subscribers learn and earn!<\/p>\n","protected":false},"excerpt":{"rendered":"

David Banister- www.MarketTrendForecast.com\u00a0 May 2nd 2011 Last August I told my subscribers to prepare for a monster rally in Silver, which at the time of my forecast was $18.73 per ounce.\u00a0 I drew up a chart and predicted a huge rally to $29 an ounce, and we ended up at $31 or so just aMore<\/a><\/span><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[121,89],"tags":[],"yoast_head":"\nUnderstanding where we are in the Silver Bull Market<\/title>\n<meta name=\"description\" content=\"Understanding where we are in the Silver Bull Market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.themorganreport.com\/blog\/understanding-where-we-are-in-the-silver-bull-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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