Loading ...SILVER
The move from $12 to $30 was epic
Straight UP
Now we are consolidating…we HAD to consolidate
So the question is …what is the pattern On the Weekly Chart
The pattern already has 3 defined reversals and we need at least 4
Here are a three scenarios … it’s NOT going to be easy
However for Optimists we have This Channel on the daily which is Bullish in real time
Higher Highs and Higher Lows…This one is for shorter term traders and says stay in unless the bottom line goes
Fully, I see your channel has a bottom rail in 24 range which also happens to be the 200 day on the daily. Since the weekly displays a double bottom at 22 in Sept and Dec, and a higher bottom at 24 in Jan. why wouldn’t the bottom the week before last at 26 be the last one before working higher? If silver were going to go lower than 26 don’t you think it would have done so during last weeks rout?
Chartology consolidation patters are all about the number of reversals
The top is point 1 the bottom line is pont 2 then recent point 3…we need a point 4 IF this is a Bull Flag which will produce a breakout
It could be a different pattern of course …like a Continuation H and S
But so far I see no symmetry nor a completed pattern to produce an imminent leg up
I was expecting more of a rebound but the price action certainly is lackluster, Senior silver miners AG and PAAS are down today. Pedro might be right, silver may be headed down. If so the “silver squeeze” ain’t gonna be happening.
Thanks, understood about the patterns. It may have to do more work to get the 4th point you refer to. My point isn’t that it’s necessarily ready to go to new highs immediately, just that 26 was the low.
Another slow drag until all the meat is worn off the bone.
Backing and filling is actually very positive. As long as each day starts to produce higher highs and higher lows. You would love to see a rocket higher but that is rare except with a freefall like last year. Silver didn’t freefall the last two weeks so it should work higher but probably in fits and starts.
very weak bounce in the metals sector across the board. Overall market ready for a larger scale correction too, I am thinking a weak bounce this week/next and then a larger washout into the summer months for everything. Silver along looks kind of decent & I have my bull market insurance but not taking anything more until this summer
pedro now sees the dollar move as a bear flag …. a likely 4th wave.
When it precisely tops isn’t clear to me yet; I see it possible later this month or early April.
Trouble is, PMs have been more tied to rates lately, than FX.
Near term, watching GDX … I don’t see anything new yet.
Overall market …. bias is still north and the storm is still merely on the horizon.
Another leg to this latest move remains possible, but probability is fading.
watching the euro for clues at support, ya the general markets’ massive top sell off theory seems out the window
https://www.tradingview.com/x/gIoiuor1/