Loading ...A Tale of Two Silvers
If you want to know what Silver is going to do near term watch these 2 Primary Silver Miners.
On the one hand we have PAN AMERICAL SILVER
….You have to admit this looks like the mother of all bear Set Ups…a BO Gap from a HUGE Topping Pattern and now a gap close and retest. #Scary !
On the other hand we have SILVER STANDARD ( NOW CALLED SSR MINING)
…Which is on the verge of a big breakout UP. #Pleasegoup
I’ve already indicated a day or two ago, on the Plunger ‘bottom’ post, why I believe GLD
is headed lower. No offense to BC. He does great work, with lots of supporting analysis. I do my own type of analysis, but its not the kind that lends itself to a writeup. Basically, I draw inferences off rules developed through extensive backtesting. You either have faith in that backtesting, or you don’t.
I can also weave in EW now and then. So look at CPER (copper etn) … now that JJC is gone, and JJCB is also (apparently)… along with lots of other commodity ETNs, by the way.
From the Dec ’17 high, I see three months down (1), a retrace into June (2), a waterfall decline for (3), and now an abc pattern for (4). And my monthly indicators are rolling over, bearishly. Maybe it a new bull, getting a slow start. But my money is on the waterfall being a third and not a C wave. And perhaps tying the price of silver to the price of copper is a stretch, but I’ll just argue the industrial economy is slowing down and they are reading from the same script.
“now that JJC is gone, and JJCB is also (apparently)… along with lots of other commodity ETNs, by the way. ”
https://www.etf.com/sections/features-and-news/ipath-etns-return-old-tickers?nopaging=1
Guess not. They all flipped back to their original tickers this last week.