Dow - This chart depicts the bearish head and double shoulder (SsHsS) pattern that I mentioned earlier and the latest ST EW count:
This count and SsHsS pattern is dead if the Dow moves above 11,716. When in doubt, get out.
Silver - You have seen my bearish point of view recently, However the required behavior has not revealed itself so far. This lends to the possiblity of a bull count that looks like this:
This count has two different possibilities that both need silver to remain above 38.72 or the count changes.
The red projection would see a triangle play out for a few more weeks as a wave {b} of B, then launch higher into wave {c} of B to challenge the all time high near $50. Followed by a wave C pull back toward the price territory of the previous triangle.
The Green projection which is far more bullish could play out if an immediate 5 wave impulse is observed back above $44.00 as wave (i) green. This type of move would favor the alternate count (: colon) which would see a potential 3rd of a 3rd advance that should easily cross the $50 barrier much sooner than later.
All the best!
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