Predicted Direction: Long (Long-term)
Silver has completed a 5-wave cycle (13 years) before Apri 2011 and then it has been followed by a corrective wave.
The corrective cycle wave "a" find support on 78.6 Fib level in 2016 and surged to the highest of the year to 61.8% Fib, showing that the after 2012 is most likely finished. Although silver has tested again the lower level in July 2017, the price still stands steady above the 78.6% Fib . This could see that Silver will start to revert and carry out the next upward channel back to 50% Fib at 26.77 on the end of 2018.
The US dollar is expected to further depreciate, giving more uptrend acceleration of silver .
JP Morgan has largely increased its silver stockpile in the last 5 years from acquiring 5 million oz of silver bullion in 2012 to now over 500 million oz on hold while keeping the price at a relatively lower level. By artificially controlling markets with short future position, silver price has been underestimated so it would be an opportunity to buy in the coming years