Over the Summer of 2019 Silver rallied a solid 37% in a third wave, a rally which the wave count called!

Of course after the rally,

people could only think of reasons why the rally would continue.

And as usual,

this was a perfect time to start looking for a large correction!

On Sept 3rd I was looking for that correction to begin.

Silver had just broken 19.00 for the first time in 3 yrs.

It was time for the rally to take a break in a fourth wave correction,

and the wave count was calling for a decline to about 16.90 in wave [iv].

Heres what I said that night:

Wave [iii] has been a powerful ride off the May lows,
and now the market is totally bought in to a continued ride higher.

The correction in wave [iv] has not yet begun,
but it is coming our way soon, that is for sure!

Wave [iv] does not have to be a deep correction,
but it needs to be long enough to cool off the recent rally in wave [iii].

The focus this week is to watch for wave [iv] to begin.
Wave (a) of [iv] should be well underway by the end of the week.

This chart shows what happened next as wave [iv] took over!

Silver topped out at 19.63 in wave [iii],

and then began a month long slide which bottomed out at 16.93,

right on targetĀ at the wave [iv] low.

This is another great example of a major turn in the markets predicted by a simple wave count!

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