Loading ...Silver is being Stupid
Silver under performed all day today
Tonite it all of a sudden fell 40 cents at the stroke of Midnight ( Eastern NA time) !
Now down 20 cents.
Somebody is playing games with this manic depressive metal.
Stop runs or a set up to whack the bulls ?
All is well I think. It looks to me like it is just coming back a bit in order to BT its reversal formation, on e.g. the 5 h.
1. You may regret at least in my case having encouraged comments.
2. I think it is great to have charts with few if any annotations or derivative indicators. If one uses many indicators it can be a good exercise to look at the simple chart before looking at the indicators and then again after looking at the indicators. I like this chart.
3. I have not been kidding when before I have written that if I don’t have time to spend hours with data I like to pretend that a simple chart is an animal–something like a sea monster or sea snake. You can see trends. If it makes a sudden move, then it is something like being oversold or overbought. In this case you see it not trending very much or maybe trending down. Then it is dipping way down, maybe to taste something down on the bottom. Maybe it wants to dive down. However sea monsters often like to taste down below before going up (oversold sign). If you look back you see it was down around there before. It remembered being there and wanted to taste it before just to make sure what it was like. It is a matter of guessing, but when it goes down suddenly like that it is an impulsive move meaning it more likely than not is checking to make sure how much it did not like being down there. No way of knowing that it doesn’t intend to keep going, or maybe just hiding out at that level for a while, but it is probably just checking to make sure it doesn’t want to go back down there for a long time while it has in mind going up somewhat higher.
4. One likes to have multiple charts with multiple time frames to see the animal over different time courses.
Aren’t you sorry you asked for comments?
A) DISCLAIMERS:
1. I make lots of mistakes. I specialize in them. Beware.
2. I always try to look at charts in multiple time frames before doing anything. My comments are based on 1 chart only.
3. I am generally a trend-follower. I do not rely on over-sold/bought readings for my own investments/speculations. I am just making a casual observation on a sea-monster apparent over-sold indicator here that I would not think of using myself, especially since there was no evidence on the chart of a strong uptrend (sea creature already clearly heading up).
B) AN OBSERVATION (related to the chart but not so much to the sea-animal interpretation):
One or more people elsewhere have noted a year or so ago that when you see e-PM prices go down suddenly as shown here that even if prices go up again they go back down to that level. They speculated that this sudden move down is a market manipulator’s signal to other manipulators of the level to which the market is to be taken down fairly soon. I have no way of knowing, but I can suspect. Even if true in the past, things are becoming so disjointed that this phenomenon may no longer be occurring. We can watch.
)0)UPSIDE DOWN
While I’m at discussing looking at simple charts, I should offer a comment to myself as well as to others. It’s something I used to see a lot years ago but don’t see much at all any more:
Look at charts upside down. (For that matter I would think sideways, slanted might be good too…)
Supposedly helps take away biases. In this case doesn’t do much for me. (I just see my sea creature sipping up at the surface as a trial.)
In any case thanks for the simple indeterminate (yes I know one can see H/S) chart to discuss.
Maybe silver is the smart one. 🙂