By: Jeff Cooper

Hit and Run Trading Morning Report - November 27, 2023

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Significant Silver Setup

When the markets were giddy over the parabolic runs in gold and silver in 2011, we were warning of a top in gold at 1921 in early September.

1921 squares early September.

As you can see from the monthly silver, it topped April 2011.

So there was a major divergence.

Now both metals are in sync and silver has a lot of catchup to do.

The bear market low came in December 2015.

From there we see a series of 1,2’s, 1’2’s.

That means a major wave 3 breakout is on deck.

From the October 2023 low at 21, a 90 degree advance ties to 25.

A Tops Line from 2011 currently ties to 25.

A move over 25 triggers a MONTHLY Rule Of 4 Breakout.

It projects to the next 90 degree decrement high at 31.

Notice that 31 is a 50 % retracement of the entire 12  year range.

Drilling down to the dailies shows that silver turned its 3 Day Chart up on November 16th.

Silver broke out  on Friday without as much as tracing out 2 consecutive lower lows.

The breakout came on the important Friday weekly closing basis.

As well, this is the second breakout attempt with the first being in late August.

That failure led to a flush of the March lows.

From my perch it looks like the second silver mouse is ready to get the cheese.

The metals ran for 12 years from the 1999 low. Cycles suggest they can run at least 12 years from the December 2015 low.

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