Loading ...WHEN IS ENOUGH….ENOUGH ! ?
CANADIAN SILVER : PERSPECTIVE
DO WE ACTUALLY REALIZE WHAT WE JUST RECENTLY LIVED THROUGH IN THE SILVER MARKET IN THE LAST 12 MONTHS ?
THAT WAS A MASSIVE PARABOLIC MOVE BEGINNING JUST LAST YEAR IN JULY AND LASTING 6 SPECTACULAR MONTHS INTO JANUARY ! THE PRICE OF CANDIAN SILVER MORE THAN TRIPLED FROM $50 TO THE BLOWOFF AT $165 . OF COURSE ASTUTE CANADIAN SILVER STACKERS HERE AT THE TENT SOLD UP THERE…RIGHT ? 🙂
ALAS AS ALL PARABOLIC MOVES END..THE DROP HAS BEEN BRUTAL AND WE ARE NOW BACK TO $80 6 MONTHS PAST THE PEAK ( WHICH SEEMS DEVESTATING UNTIL YOU REALIZE THAT YOUR SILVER STACK IS WORTH 60% MORE TODAY THAN IT WAS WORTH A MERE 12 MONTHS AGO !) …AS THE COMERCIAL SAYS …YOU’RE RICHER THAN YOU THINK !
$80 HAPPENS TO BE THE 61.8 FIBOSMACKI RETRACEMENT OF THE UPTREND THAT ACTUALLY GRADUALLY BEGAN IN JULY 2022 ! (NOTE : THAT WAS CANADIAN SILVER $25 …SO IN 4 YEARS YOUR STACK HAS MORE THAN TRIPLED !) YOU REALLY ARE RICHER THAN YOU THINK !
NOW FOR THE ANALYSIS :
LOOK AT THE CHART :
RENOWNED ELLIOT WAVER AVI GILBERT ( WHO USED TO BE A POSTER HERE BACK IN THE DAY ) COINED THE PHRASE “FIBONACCI PINBALL”…SEE IT ?
IMHO SILVER IS IN THE PROCESS OF BEING WASHED OUT …SENTIMENT WISE AND CHART WISE !
SO THE NEXT SIGNIFICANY MOVE ( LIKELY STARTING SOON ) WILL BE A VERY NICE BOUNCE TO THE 50% FIBO WHICH IS OBVIOUS RESISTANCE AT ABOUT $95 ( WITH A SPIKE TO $100 FOR SYMMETRY)
BOOK IT
Fib Pinball is certainly intriguing.
My own tools don’t produce targets, whereas this does (but a set, not just one). So you get ‘watch’ points.
Its a solid way to “do the math” to formulate a trading plan instead of hoping and praying.
When the moves are this big, and the turns are this sharp, its worth keeping these in mind next for silver, to be sure.
But you still need to know the fib guidelines, and which fib rulers to apply.
Lets this is A down off the 120 high.
And we bottom at 50.
What should we expect for the B wave retracing some fib part of A down (of $70)?
If 50% (and I don’t know), then we rebound to $85.
So part of the Fib Pinball is the EW context, and ONLY THEN do you consult his cheat sheet for “the odds” in that particular setting. And its still a matter of Probability even then.
But it gives us hope.