22 Jul 2020 ● 06:43 AM
The very short-term RSI for silver is that 83 and near the top end of the rising channel near $ 21.70 we may complete minor wave iii of this rally but they may still be a few more subdivisions on the upside before we can say that a 5 wave move is complete because early on in the move a series of minor 1st and 2nd waves developed that need to complete and 3rd and forth waves.
Even after a 5 wave move the next correction and silver will not be the end of this move because larger degree impulse has many more most to complete. On the weekly chart silver had actually broken way below the 2016 low and is only now catching up with gold. Gold at $ 1800 already near the 2012 highs. We are just crossing above the 2016 top of $ 21 today and the next major swing high will be a $ 25. The 2012 high was at $ 35.4