The Massive 47-Year Cup And Handle
I’ve presented the above chart before, so it is familiar to KWN readers. The message from this chart is very important. What we see here is a major basing pattern. It is conveyed by a multi-decade ‘cup-and-handle’, with the handle now being formed. The good news it that the downtrend in the handle has been broken, meaning that the next major upside target for silver is the ‘rim’ of the cup at $50.
So silver has turned the corner. What we need now, Eric, is just a little more upside action. It is only a matter of time before that happens, and after last week’s strength, I expect that we won’t have to wait long.”