Image Source: Pixabay
 

In the Wednesday Report, I did an in-depth look at the short-term daily charts for silver, showing how silver's recent consolidation pattern has morphed into a larger consolidation pattern. If you've been following Rambus Chartology recently on X, you know we looked at a small 6-point diamond recently, which I called the Baby Blue Diamond. After the breakout, the impulse was weak, and a second diamond began to form on top of the smaller blue baby diamond, which I called the Teenage diamond, as it was a bit larger in time and price.

Wednesday, August 27th.

From the Wednesday Report showing both 6-point diamonds. Note how the two smaller fractal diamonds are forming the next consolidation pattern above the October 2024 rectangle. Also, note the backtest was on Wednesday on the larger Teenage diamond.

This daily chart for silver shows its two fractal diamonds, which I called the lower one the baby diamond because it's smaller than the teenage diamond on top. Today marks the 4th day since the breakout from the teenage diamond, with the critical backtest which now needs to hold support, similar to the baby diamond below, after its breakout.
 

When I combined the two smaller fractal diamonds, we got this eight-point diamond, which I called the mature diamond, again with the possible backtest today.
 

Today, Friday, August 29th: The backtest held beautifully with today's rally now taking out the high of the 8-point diamond consolidation pattern, signaling the next leg up is now underway after the completed backtest on Wednesday. Enjoy the ride and enjoy your three-day weekend. All the best...Rambus.
 

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