With the breakout of the 18.80 level i believe we are entering the parabolic markup phase of the trend. We may get a pullback to 18.80 level... but i doubt it!
I have many other long ideas on silver and mining shares going back quite a while. Check them out to get some perspective.
Commentaire:
next resistance 19.75 (the yellow line)
Commentaire:
The GSR hit major support level just now @ 79 and is the reason for the resistance in the silver chart. Could be in for a pullback here. Once we break below this level will be the signal to go all in on silver.
Commentaire:
The next major overhead resistance is the zone between 19.75 and 19.85.
We have this and the GSR resistance to contend with. Once 19.85 is breached i believe we will see some real fireworks in the silver market.
We have this and the GSR resistance to contend with. Once 19.85 is breached i believe we will see some real fireworks in the silver market.
Commentaire:
minor corrective wave... FIB level 19.37 holding. Momentum is decent. I think we go higher.
Commentaire:
If you were on the fence about ordering that monster box of silver eagles... well the time to do it is NOW
Commentaire:
GSR broken major support and consolidating... Next move for the silver rocket will start soon !
Commentaire:
Why it's important to follow the GSR when trading gold and silver. The bears took over this correction and pushed it back above resistance on the GSR. If we break above the flag pattern we are in for a larger correction on gold and silver.
Commentaire:
what's good about this is we finally have some structure to trade off of. I warned about this level and a break above the previous high (black line) will initiate a larger corrective wave. If we take out the bottom of this flag will mean a continuation of the trend.
Commentaire:
watch the FIB level 19.37 here. We are tracing a bullish pattern now so i expect it to break out but this level is key to which way we go... watch it.
Commentaire:
breakout of flag, now breakout of the minor trendline will seal the deal, my apologies for posting so many updates to this... i love this stuff...and love trading...lol!
Commentaire:
Need to exceed FIB level @ 19.57 for trend continuation. This is the level we could see a pullback from if it fails.
Commentaire:
Consolidating above the 19.57 fib level which is good BUT we need to see the next 4H close above this level or it could still correct from here. If we hold here i dont see much problem heading for the next area. As you can see there is a pile of FIB resistance above so it will be challenging but ultimately im looking for 19.85 to be taken out and it should be clear sailing for a while after that. I still may exit at any time if the trend changes and i want to stress that my short term trades are not for long term holding of physical precious metals. For physical i recommend buy and hold with accumulation on significant corrections. In other words, NO EXITS. For short term trades i recommend highly liquid ETFs such as SLV or futures.
Commentaire:
We have a potential short term top in play here. We could not maintain above the breakout level of 19.57 (ICE) . Further the gap down validates the move lower. Here i am showing silver futures and the corresponding breakout level is 19.66. This looks like a classic 3-3-3 or 3-3-5 correction. The massive confluence of resistance overhead is too much for now. Keep in mind this is a 15 min chart so this correction will be short lived. Could see a bottom around midnite tonight near the FIB 19.30 area. It could get worse though as the corrective pattern on gold is a lot larger. I'll post a gold chart later. Gold looks like a bottom around sep 11 so ultimately would like the bottoms to line up. BUT silver is in a different parabolic trend and i dont recommend selling here because you wont be buying back before the morning unless you are trading CFDs. Still looking for the yellow line at around 19.90 silver futures for the ultimate breakout point. For physical buyers i would use this pullback to load up the truck! Good luck!
Trade fermée: ordre d’arrêt atteint:
stopped out of my short term position when we went below 19.15 . Still bullish as we are holding around 18.80 support. Will look for re-entry after this plays out.
Commentaire:
i reloaded some SLV and GLD at the lows of my support zone today.
Commentaire:
And here is the longer term perspective of where i believe we are: