1 Feb 2021 ● 04:41 AM
I discussed III=I for silver last week, but in the big picture if this is indeed the start of wave 3 then 3=1 for the entire structure is at 55$. Wave 1 was 5-6 months so wave 3 can be that or longer depending on how it unfolds. Wave 3 can subdivide into 5 waves with consolidation phases then the time horizon spreads out. Time, therefore, is always hard to call but this is the big picture. The wave 1 high at 29.83 of course needs to be surpassed to be further sure that the 3rd wave started and its not another X wave inside a consolidation. The daily and weekly momentum indicator is in buy mode and the weekly crossed over on Friday's closing.