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Below are the charts and comments from 56-year market veteran and analyst Ron Rosen:


Ever since the bull market in silver began at $4.01 in November 2001, important and prolonged corrections have taken the form of a triangle.  After spending many months forming the triangle a breakout to the upside would take place.  The breakout to the upside on each of the three triangles on this monthly chart of silver was followed by a return to and successful test of the breakout level.  The successful test was followed months later by a peak at a new high.




The peak of $21.44 after the first triangle was 3.93 times the triangle low of $5.455. 


The peak of $49.82 after the second triangle was 5.93 times the triangle low of $8.40.


The third triangle had its breakout to the upside and appears to have completed its testing of that breakout level.  If we use the Fibonacci progression that has followed each triangle, the next peak should be 8.93 times the third triangle low of $26.105.  This would produce the next silver high of roughly $233....


Continue reading the Ron Rosen piece below...




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“The $233 peak would be the high at minor wave (3) of Major Wave Three.  If the long-standing ratio of silver to gold of 16:1 had been in place at gold’s last high of $1,923.70, silver would have already traded at $120.23.  Based on that number it would take less than a double (from $123) to get to the target of roughly $233.  


The 3, 5, 8, times the triangle lows and the minor wave (3) of Major Wave Three high of $233.00 for silver actually sounds reasonable.  KWN readers need to remember that the way the finances of this world we live in are being run, $233.00 for an ounce of silver may prove in time to be a buy.


The angle of rise for silver’s Major Wave One was 18 degrees.  Major Wave Three began in December 2008.  The angle of rise for Major Wave Three is 33 degrees.  The LTD (Long-Term Delta) # 4 high is due to arrive in February 2014.  If silver touches the upper trend line at that time, which would be a normal occurrence, the price will in fact be approximately $233.00 an ounce.  Keep in mind that the upper trend line at a 33 degree angle was touched once and would normally be touched on two more occasions before a serious correction occurs.






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The interviews with James Turk, Bill Fleckenstein, John Hathaway, Egon von Greyerz, Ben Davies, Kevin Bambrough and Nigel Farage are available now.  Also, be sure to listen to the other recent KWN interviews which include Eric Sprott, Art Cashin, John Mauldin, John Embry and Andrew Maguire by CLICKING HERE.


Eric King

KingWorldNews.com

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