Charting, page-44

Well, the wedge breakout failed big time so back to the charts. The below chart has an EW target for an ABC correction for silver in the $26.75 to $28.65 range. Gold chart (not shown) has a C wave target in the $2200 to $2275 range. In June we normally get the bottoms in stocks courtesy of the tax loss selling for the EOFY. When the month is bearish, which may be the case for PMs, we do not normally see the bottoms in ASX stocks until the last 2 weeks of June.

One of the cycle analysis guys I follow on twitter sees PMs bottoming in 3 weeks and then setting off on a 4-month rally into October. His gold target is $2,650 to $2,750 and silver $50 to $60. If that rally occurs, the MMA Oct 2024 options look a shoe in to be exercised bringing in just under $16M.

Let's just hope we do not get a large market correction that drags PMs down with the rest of the market before October. We do live in troubled times.

The second chart is a chart I posted back in March and silver still seems to be following my amateurish EW count.