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So if one were to simply look at a monthly chart and not get fixated on tick-by-tick COT data, don’t you end up with this? Silver is heading to $27….likely not in a straight line. Fib fits don’t get prettier than this one. Volume supports the breakout. I’m glad I don’t trade for a living/to pay the bills….it allows me to keep my eye on weekly and monthly charts and disregard the noise.
Those levels would be consistent to returning to “Known Values” AKA Phase I
And if you look at the chart periods late 2003-2004 and 2005-2006 you can see that consolidation breakout moves supported by volume led to 75-100% gains; consistent with the $27 target currently.
Which would suggest Phase 1 may extend into Q1 2017, or about 12 months in duration from the lows. Do we get a POR in Phase One? Or is that Phase 2?
That’s what I’m Talkin about you guys
Critical Thinking…..not Group think but Independent work supported by Independent work
Ill take this approach over programming a Gazillion Dollar Machine any day .
I know I need to get a life but I’m drawn to Goldtent TA paradise all day !
sheesh