Sentiment speaks: Silver may explode
Approximately 12 years ago, I wrote my first public market prognostication and it was focused on gold. At the time, gold was enjoying a parabolic rally, and the discussion amongst the general public was how far past the $2,000 mark gold was going to strike during that rally.
"There is no way you can understand what is going on in gold by doing technical analysis. Gold is driven by fundamentals." And, the comments regarding my views were basically the same as above, so, I will just note one of the more "reasonable" comments: Well, just like everyone was uber-bullish at the highs when we expected a major top, we turned bullish when everyone turned uber-bearish. On Dec. 30, 2015, I urged investors to be moving back into the metals complex as we were looking for a long-term bottom to be struck imminently due to the significant bearishness evident in the market:
Now, fast forward to 2022, and gold had been stuck in a correction since a local top was struck back in August of 2020. Yet, there were pockets within the market which still rallied into 2022. And, then in April, I outlined my expectation for the metals market to begin its next rally to the $2,200+ region. My expectation was that a break-out through $2,075 would trigger that next bigger move. Yet, while the market spiked to $2,085 in early May, I warned the members of Elliottwavetrader that the structure of that move did not look like it was starting that rally to $2,200 just yet, and I expected more of a pullback.
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