Silver Outlook for the Week

Attached is the silver outlook for week..

--Tony

Silver continues to exhibit bullish price behavior and I anticipate the bullish behavior to continue into the end of this coming week 4/7-4/8/2011.  As shown on the daily bar chart below, the mechanics indicate that we are in 5 fifth wave of a larger degree bullish trend.  Upside ideal price targets based on daily bars reside at $38.18/oz or a re-test of the recent swing high followed by $39.40/oz.  Support is at $36.64 as shown below.  The resultant vector is expected to be (5):(4)::(3):(4) = 0.333 LA or in the ratio of the Major 4^th.  The underlying trend on the hourly bars is that of consolidation exhibiting typical 4^th wave Elliot Wave characteristics.  Silver is expected to resolve the consolidation period to the upside.  Hourly ideal upside price targets reside at $38.11/oz followed by $38.64/oz.  Based on hourly bars, noteworthy times to watch are April 4^th 6:00PM, April 5^th NOON, April 6^th NOON GMT.  Support on Hourly bars is at $37.10/oz.  The current dominant hourly vector realtion is (C):3::4:CURRENT = 1.333 FA which is a harmonious relation and as such I expect a reaction (e.g. look for selling pressure on the open) after which a long opportunity may present itself.