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I see a definite overbought condition in the market. Fibo targets have
been met. I am out, with a $5,100 profit on 1 contract in this last leg
up since the first of the year.
It's only part of the total rise and I left some at the table, but this
was a fifth of a fifth wave. The threat of an intermediate trend change
is close at hand.
Silver has completed the minimum requirements for a year long, 5 wave
bull market. This starting in July of 1997. The volitility of the
fifth wave makes this market impossible to refine in the final weeks.
A corrrection to the lower end of the 4th wave area could be expected
next. The 5.90 - 5.40 area is a good target. This is by no means an
exact prediction. Just a possible road map using Elliott wave theory.
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