On 5/4 I stated that silver had topped. Clearly I was wrong. But the pattern still stays that silver is at or near a top. There is nothing about the action from the 2/5 low that looks impulsive other than the impulsive moves within the clear zigzags. Wave [b] of Y is almost certainly a flat correction in retrospect. The action today puts the SLV slightly above the point where wave [c] of Y = wave [a] of Y.
The fly in the ointment here is that gold closed at new all time highs today, and the metals have fooled many an elliott wave analyst over the last several years so we may find that some other more complex pattern is playing out in the days ahead.
I remain short the SLV against the 12/2/09 high. That may not be for long though, but sometimes these things work out.
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