Explaining the Silver run to $120 so far and predicting this topSilverOANDA:XAGUSDWilliam_PlayfairWhy is this important because intraday silver hit $121 But PnF charts usually work on close, which is the basis of the VCs below targeting 120 which was close enough and on the chart below that explains why the 'X' did not reach the blue target lines --- Point & Figure charts identified two key **vertical count (VC) targets at $120**—one generated in **1980** and another in **2011**. These counts suggested, long in advance, that price would eventually reach the $120 level—and that target has now been achieved. --- ### What matters now? Looking at the **bullish scenario**: * If price **breaks back above the January 2026 column of red “O’s”** (around **$114–$115**), this will **activate a new vertical count**. * Assuming we project this count from the **low of that column**, it gives a **target near $198**. From a market behaviour perspective, it wouldn’t be surprising to see price gravitate toward a **round number like $200**, as these often act as psychological magnets where market makers operate. However, this is a **200-year chart**, so timeframes are very different: * The wedge formation from **1980 to 2025 spans ~45 years** * So a move toward **$198–$200 is likely a long-term development**, not something imminent --- ### What do we need next? More price action is required to build conviction: * Additional **vertical counts (VCs)** * Potential **horizontal counts (HCs)** If these begin to **cluster**, they could reinforce target zones such as: * **$200** * Possibly even **$300+ in a strong bullish case** --- ### Current positioning Earlier in the year, this chart effectively **signalled the top in silver**, which many investors would have found valuable. Right now: * The upside target to watch is **$198** * But there is also a **bearish pullback scenario toward ~$53**, based on the same column structure That downside scenario has already been **triggered**, meaning: * **Short-term trend remains bearish** * This continues **until the red trendline is broken** --- ### Bigger picture * The **long-term trend is still bullish** * But importantly, **price can fall significantly and still remain in a bull market**, as long as it holds above the major **green support line** --- In short: **Long-term bullish, short-term cautious — with $198 above and ~$53 below $27 as key reference points.** If you own silver you need to be aware of PnF chart targets if you ever plan to sell any of it or to add at key buying points as they work well for this instrument