Silver Price DIP.... THEN rip?

Summary

In this detailed analysis, Joe Maine discusses silver’s price movements using technical indicators like Elliott Waves and Fibonacci retracements. He explores the possibility of a dip to $34-$35 before a potential upward movement, while maintaining a long-term bullish outlook, expecting silver to eventually break $50 and possibly reach triple-digit prices. Joe also interacts with his audience, asking for their predictions on silver’s future, and endorses Perth Bullion Exchange as a trusted platform for purchasing silver. The video is informative and casual, inviting viewers to engage with market insights.

Takeaways

• 😀 Silver's price is currently at $37.36, with a focus on potential short-term dips and long-term bullish trends.
• 📉 The analysis discusses a five-wave Elliott Wave move, indicating potential bearish divergence between price and momentum.
• 🔍 A correction pattern (ABC) is suggested, with possible support levels ranging from $32.60 to $35.30.
• 💡 There's uncertainty about whether silver will dip further, with a 50/50 chance for both a dip or a rise in the near term.
• ⚖️ Silver may face a small dip but could still see a larger move up, potentially validating a break above key levels.
• 📉 A key level to watch is $36.90, which could signal the end of the bearish trend if it holds as support.
• 💬 Silver's long-term outlook is very bullish, with predictions of breaking $50 and reaching triple digits within the next few years.
• 📅 The expert believes silver could test or break $50 by 2025, marking a significant milestone for the metal's price.
• 🔗 The video encourages viewers to buy precious metals through Perth Bullion Exchange, a trusted Australian dealer offering free shipping on large orders.
• 🎥 The channel also provides live content twice a week, including in-depth market analysis of precious metals like silver, gold, platinum, and copper.

Q & A

What is the key theme of the video?

The key theme of the video revolves around the price prediction and analysis of silver, discussing potential dips, Elliott Wave patterns, and long-term bullish outlook.

What is the Elliot Wave pattern mentioned in the video?

The Elliot Wave pattern referenced is a five-wave movement in silver prices, with waves 1, 2, 3, 4, and 5 being outlined. The speaker notes a potential ABC correction after the fifth wave.

What does bearish divergence on the Relative Strength Index (RSI) indicate?

Bearish divergence on the RSI occurs when the price makes a higher high, but the RSI does not follow, showing a weaker momentum, which could signal a possible price pullback or decline.

What is the predicted support range for silver based on the Fibonacci retracement?

The predicted support range for silver is between $32.60 and $35.30, based on Fibonacci retracement levels from previous price lows and highs.

What does the speaker believe about the likelihood of silver dipping to the $33 area?

The speaker does not believe silver will dip as low as $33 but anticipates a possible dip in the range of $34 to $35.30.

What was the significance of breaking above the $38.50 level in silver's price?

Breaking above $38.50 would have invalidated the larger ABC correction pattern. However, a bearish divergence on the 4-hour chart made this breakout less significant.

What key price level is critical for confirming further downside potential?

The key price level to watch is $37.50. If silver's price falls below this level, further downside is expected. If it remains above, the bullish trend may continue.

What is the speaker’s long-term outlook for silver?

The speaker has a bullish long-term outlook for silver, believing that it will eventually break $50 and could potentially reach triple-digit prices within the next few years.

What is the 'cup and handle' formation mentioned in the video?

The speaker references the 'cup and handle' pattern as a long-term formation in silver's price chart, describing it as the world's largest or longest cup and handle formation, which suggests a potential price breakout once it breaks the $50 resistance.

How does the speaker view the role of Perth Bullion Exchange?

The speaker endorses Perth Bullion Exchange as the best bullion dealer in Australia, highlighting its competitive advantage, such as offering free shipping for large orders, based on the speaker’s 15 years of experience in the industry.