The One, Two, Three Of A Silver Breakout
Over the months I have pointed out what would need to happen for a real, sustainable silver breakout. The setup includes a strong Thursday, an even larger Friday follow thru and an explosive Monday breakout. It has yet to develop. We have come into various weekends, where a catalyst like some govt. economic report has led to either a drop and pop, or just an explosive move higher, only to stop dead in it’s tracks and reverse back down to various degrees of either smaller gains or actual losses. The next possible weekend set-up approaches. We have inflation reports today and tomorrow and to top it off markets are closed on Monday for a holiday. Will this be it? We will only know IF a strong Thursday builds into an even stronger Friday. At that point, if Friday has a big gain on expanded volume and closes near the high for the day, Tuesday could provide the kind of upside fireworks we have been waiting for since 2020-2021 in the silver market. Sentiment is largely negative with many traders and stackers giving up on silver. A perfect set-up for an upside surprise.
The sentiment for silver and silver miners is so bearish you could cut with a knife and spread on toast. Is this the washout/capitulation before a sharp rally?
If the breakout on Dec 13th 2023 was a false breakout, the bullish wedge following the FBO could be double bullish!
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