THE RECOGNITION STAGE

At some point in any bull the market finally "catches on". That recognition phase shows up as an explosive expansion in volume on the weekly charts. 

In early `05 the market finally figured out that the steady rise in oil price wasn't a fluke. That it was in fact a massive bull market in the making. You can clearly see this "recognition phase" in the two charts below.




The same thing happened with the major mining stocks in early `09.


Silver has now reached the recognition stage.


The market has also figured out what the bellweather mining stock of this secular bull is.

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