Loading ...Silver Diamonds
Rambus has had great success spotting Silver Diamonds .
Here is a 2013 Call on Silver (via SLV) that no reasonable trader would believe at the time .”SLV BLUE DIAMOND”
Followed soon after by “SLV RED DIAMOND”
See that PO ? Of the Red Diamond ? …14.50 !!… Which is exactly where SLV has bottomed 1 year later
…. Yikes !
Here is the latest….Ignore at your risk
“This last chart for tonight puts the diamond pattern in perspective. Is our current diamond going to be just another consolidation pattern in the ongoing bear market or will it find support on the bottom rail and rally back up to complete a 7th reversal point?
The bottom line is that the PM complex is still at a critical juncture right here. As we’ve seen tonight some of the one year triangles are slowly giving way to the downside. At some point there is going to be an impulse move that will be undeniable as to what it is. The markets have a way to push you right to the limit of your endurance before the move you were looking for takes place. All the best…Rambus”
Full Report ,
It’s hard to imagine $10 silver if the commodity cycle low is behind us. As you say though, ignore at your peril.
A long time ago, in a location far, far away from here, I wrote a program for the Apple II+ that would draw diamonds like you see in these charts on stock price graphs. This was back in the days of very slow phone modems, 64KB of memory and 2 5.25″ floppy drives. Showed this in a meeting where S&P was one of the players, they said it was impossible to do that on an Apple at that time. It was fun, but I went nowhere with it, taking a different life course. What if?
Good story. Those were the days.
What if indeed.