Then – 5of June 2013 – and now charts as usual;
We are adjusting our outlook for silver. Two months ago we expected silver to trade up in what we assumed would be a 4th wave of 5. That does not make any sense even if silver did trade up as expected. The triangle, if there is one, cannot possible be a 4th wave triangle and ergo it has to be an X wave. The whole structure is then more properly viewed as an A-B-C X A-B-C, also known as a double zig-zag. I have stylised the A-B-C’s such that they are directionally precisely equal but mirrored. If correct silver will get to about $15 per ounce. We had this interpretation in our October 10, 2012 blog.
Fortuna Silver FVI illustrates the possibilities;
These are the same charts, just different outcomes. The bear outcome fits well with the present up move. It should not last much longer. However it does not fit at all with SLW.