$AG | First Majestic, the wildest slope in the sector
First Majestic Silver completed its corrective wave ② at the 2024 low and is now advancing in wave ③, the most powerful impulse of the cycle. After an almost vertical first leg higher, price is approaching the 2011 high around 22 again and is now correcting in an orderly way without losing the structure.
The count remains intact. Price is trading above the Ichimoku cloud, and the PMO is turning higher with no exhaustion divergences.
And here is the nuance that separates it from the rest: the slope of the channel is the steepest in the sector. The ascending channel, drawn on a logarithmic scale across the entire impulse, defines the theoretical upside boundary over the next 6, 18, and 30 months. If that slope does not moderate, $AG’s maximum projections are, quite simply, the wildest among silver miners.
This is not a fixed price target. It is the upper limit of the move, valid only as long as the slope holds and the width of the channel does not expand. Whether price reaches that ceiling on a specific date depends on one thing: the speed of the rally. If it rises slowly, it respects the channel. If it accelerates, it breaks above it.
Structure leads. The calendar adapts. The current correction is being digested within the impulse.
Trends build wealth. Judgment protects it.
BroadLuis | Miner Alpha Lab · @BroadLuis
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Gold indicators are reaching the same levels as 2023 lows but much quicker. This is the ideal scenario for us to flush out all leverage and see a v reversal after.
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The macro view for Silver is playing out well. Many are starting to believe the bull run is over and we’re right around that 25-30 percent drop. The next phase will come once the formation is complete.