Weekly close >14.80=potential short squeeze $SLV, $SI_F
Silver market was undermined with a notorious Flash Crash occurred last summer. The chart structure was spoiled but at the end of the day if we have enough patience to wait until dust settles we could see the clear picture again. I spotted for you both the blue downtrend and the yellow triangle pattern in the wave X on the chart. It looks like we can gain from...
1. Wave (X) is a complex correction, in that wave "X" is a triangle. 2. For me wave a) has finished and we are in the b) wave 3. I am expecting the wave "C" has to fall below the spike happen @ 14.390 to finish the wave (X)(red color) 4. Lot of possibilities wave formation and it may go messy too... but for me this may happen here...dont bias on...
Elliot wave theory works best when wave structure becomes clear. It seems to be with DXY. Trading USLV and DSLV keying in on the DXY chart for clues.
Found this fractal at the foot of the 2011 silver berg... looks ominous. Many of these types of "forerunner" fractals I've seen that lie at the foot of crypto bubbles have played out accurately so far. Silver plays a very long game. A lot can happen, fundamentals can change (no I don't think they're factored in already). Check back with this idea in 2222...
Will be updating with broadmarket metals info.
Silver has slowly created a long-term Symmetrical Triangle Pattern. There is also a Strong Support that already did his job many times, so there's no doubt that it will continue doing it even after the Triangle Breakout will arrive. But now there's a even more important pattern doing very well ; the Rectangle is actually stronger than the Triangle and this...
SIK18 SI1! May Futures Comex Update Apr30 Silver is trading into a down sloping wedge. The surrounding BB's are suggesting a lower boundary, downward penetration. I believe support could be found at the 16.30 level with a SL under 21Mar swing low at (say) 16.15 The long entry should be taken on an upside break and close above the yellow wedge radian and ideally...
Large specs at lowest OI long exposure in 15 years $SI_F, $SLV
lets see how good this demark trading strategy is. massive rally ins ilver should begin and continue this month due to perfected TD sell setup
Silver is approaching a long-term consolidation and has put in a nice selling tail with high volume. We're approaching a consolidation wedge between the long-term resistance with the secular bull support from 2000. I expect a breakout one-way-or-another and suspect it will be in early spring and to the upside due to the Gold/Silver ratio being at an upper extreme.