Silver
Updated
1Y
RSI is topping.
5Y
RSI is topping.
All
RSI is looking like it is declining.
On the 5Y timeframe I see a Wyckoff Distribution forming. Right now it looks like a number 2, but if this push up goes up further (past the Feb. 1st high) it could turn into a number 1 distribution. It is either in a UTAD (Upthrust after Distribution) section or the LPSY (Last Point of Supply) section. Either way, both distributions are bearish.
For reference:
stockcharts.com/articles/wyckoff/2015/09/distribution-definitions.html
Prediction: I am seeing bearish indicators, so I predict a fall.
For my educational purpose, not to be used as financial advice.
RSI is topping.
5Y
RSI is topping.
All
RSI is looking like it is declining.
On the 5Y timeframe I see a Wyckoff Distribution forming. Right now it looks like a number 2, but if this push up goes up further (past the Feb. 1st high) it could turn into a number 1 distribution. It is either in a UTAD (Upthrust after Distribution) section or the LPSY (Last Point of Supply) section. Either way, both distributions are bearish.
For reference:
stockcharts.com/articles/wyckoff/2015/09/distribution-definitions.html
Prediction: I am seeing bearish indicators, so I predict a fall.
For my educational purpose, not to be used as financial advice.
Note
Paul Tudor Jones told CNBC he'll be closely watching the Fed's announcement tomorrow to see if it'll acknowledge higher inflation. If the Fed maintains its view that higher prices are transitory, Tudor Jones said He'd "bet heavily on every inflation trade," such as commodities, crypto, and gold.I think this is an inflexion point, and will decide where Silver goes. I predict Silver will fall eventually based on the announcement.
Note
$8 was a strong support and resistance between '04 and '08. The low in '20 of about $11 might be a support line and I think we will go back and test that. In my opinion that will be a good entry point to go long.
sciencedirect.com/science/article/pii/S0921344913002747?fbclid=IwAR3VmFEsu0VicyxntyCb3DsAqDVO4TpUNJW_syWj5qj5-0yoqkGaG6nTmnk
This study shows an interesting conclusion of a diminishing supply of silver in the near term compared to other metals.
Note
Still heading down.Note
1 YearStoch RSI is looking bearish.
5 Year
Stoch RSI is topping and at 100.
Prediction: We will see Silver drop from here. The strength of the move will determine how deep it will be.
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