Silver is still in consolidation mode since early September, but it appears ready to rally over a sustained period of time.
Below, is a chart of silver:
On the chart there appears to have formed some fractals. The current one has also broken out at the black line recently (just after point C).
As expected, price survived the test of the 50-day moving average, and is looking really bullish.
If the comparison remains valid, then we can expect a massive rally over the coming months.
This is consistent with a more long-term expectation for silver, as previously expressed in the following chart:
On the chart, the first phase of the silver bull market was from 1993 to the end of 2001, and the second phase is potentially from 2001 to the end of 2015.
It appears that there is a similarity between the two phases. I have drawn some lines, and marked some patterns to show how they could be similar.
The first phase is marked 1 to 3, in black, and the second 1 to 3, in blue. Both of the phases appear to occur within in a broadening channel, from which they both broke down, after point 2.
After breaking down from the channel there was a consolidation that ended at a new point 1. The first phase managed to get back inside the broadening channel again. If the current pattern follows and do the same, then we will see some high silver prices.
Now price appears to have broken out of the triangle at the bottom, and is ready to chase the broadening channel.
If the comparison continues to hold true, then we could see a massive rally over the coming months that would likely make new all-time highs.
For more on this and this kind of fractal analysis, you are welcome to subscribe to my premium service. I have also recently completed a Silver Fractal Analysis Report as well as a Gold Fractal Analysis Report.