Loading ...Silver Big Picture. STRONG Support here.
This is a monthly chart.
There’s so much support here.
Silver is NOT overbought. Silver may survive intact in this liquidity crisis developing.
This area needs to hold but I think it will…. praying atleast. Lol.
Metephysical question…. Does God really care what the price of Silver does in US dollars?
No. Lol. Shouldn’t have said that. Was mostly joking.
But maybe gold and silver are the refuge from what’s coming to some of his believers?
Gold has been called “God’s money”.
Gold – and to a lesser extent, silver – are indeed “God’s money.” And for good reason.
From Deuteronomy – 14You shall not have two differing measures in your house, one large and one small. 15You must maintain accurate and honest weights and measures, so that you may live long in the land that the LORD your God is giving you. 16For everyone who behaves dishonestly in regard to these things is detestable to the LORD your God.
What honest weights and measures are you experiencing today?
How about in your lifetime?
“Detestable to God” is not a place in which one would want to reside.
Thank you Silverboom for sharing. Beautiful.
Note my comment was “in US dollars”
Not sure who, if anyone, you were referring to regarding silver not being overbought. It hasn’t been overbought since early March when it was at 27.5. Over the last 6 months it has spent more time deeply oversold, so I agree with your premise.
Yes. Just saying most things are overbought and due for correction. Not gold. Not silver.
“most things are overbought”
I couldn’t disagree more.
Most things are OVERSOLD.
(At least in trading timeframes; but agree in historical sense)
As for being due for a correction … as others have said …
In a bull market, rallies ensue from oversold.
In a bear market, crashes ensue from oversold.
We are at a juncture where folks are still divided between bull and bear.
In EW at least, there is a “point of recognition” where that gets definitively settled in everyone’s minds. One waver suspects it COULD BE imminent (not his primary view ATM).
https://danericselliottwaves.org/wp-content/uploads/2022/06/wlsh303-2.png
As for silver, if this ^^ chart proves correct, I think the fallout would be extensive.
His primary counts deliver the same result, delayed by up to a week or so.
I see that risk as quite legitimate.
Then again
Futures Crash, Dow Down 600 As Recession Reality Sets In
https://t.co/io7Jw4DxeC
Understood. Good points.
I would say it hasn’t been overbought since FED 2021 during the silver squeeze weekend
Is the Moscow exchange our new ‘go to’ for metals pricing
https://www.tradingview.com/x/84MGW8hx/