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SLV

SLV Long Bull flag on monthly chart Monthly Chart shows a very nice Bull Flag for SLV A long stock play can be done if I want to hang onto the stocks for a few months. The length of the flag pole shows about a $3.5 move, so an option about half way up that move with the expiration of March would also work. In fact. I'm looking at the decently16 s priced strike that expires on March 31 2020 a Debit spread can also be done if i also sell the 17 strike on the same expiration That would make the cost of the spread at the current market price $21 with a profit potential of $79
AMEX:SLVLong
by choochoohiggins
2
SLV Corrective Action Complete?One can never really tell how elaborate corrective actions can be but it does appear that an impulsive move up may be what's coming next. The next major price target is the previous major high around 19.77. It's possible however that this target might not be hit until early next year. With that timeline in mind, I have been adding to 2021 LEAP call positions on the dips and liquidating 2020 calls on rallies. The stochastics indicator reading can be used as one of the tools to provide overbought/oversold readings to take action. When looking at SPX move since 2009, it's impossible to forecast how high SLV could go if we are in fact entering into a Bull Market. Most Elliott Wave scenarios I've seen suggest that the current moves for gold and silver are merely Wave B of an overall corrective pattern with more downside to eventually come. If we are in the initial phases of a Bull, the length and magnitude of the move could be substantial. With computer algorhythyms and easy money controlling the market action, only short-sightedness and impatience might be the limiting factor in your profits.
AMEX:SLVLong
by Glewis54
1
SLV Wave 4 Setting Up for move to 20Still holding an uptrending channel. Holding this level would be super positive, setting up for a wave 5 move to the top of the channel. By rule, Wave 4 cannot breach Wave 1 so while lower prices are still possible, impulse waves generally conform to the channel. As my long term outlook is for eventually testing the highs, I was buying Jan 2020 and Jan 2021 LEAP calls. Earlier write- discussed the double bottom pattern. To prove the double bottom formation, price would need to break through the last major high just under 20. My expectation was that it would pick up steam and run to fill on gap on SLV above 25.50. Not certain if gaps in SLV get filled like gaps in stocks since XAGUSD trades pretty much continuous. I was watching today to see how SLV would react to filling the gap. I was buying as that gap filled. It then rallied from their but backed down at the close of the day. So I'm thinking that gaps are valid and there may be a run to 25+ As 20 gets touched/breached, would expect some selling but also, as another poster wrote, buying above 20, a breakout level, was the strategy. As the five wave pattern completes, I'm expecting the ensuing correction to last around 3 months, possibly into next year, so I'm planning to liquidate the 2020 calls, holding on to the 2021s. Expect lots of great trading opportunities during that correction phase to build a large position in anticipation for a run to test the highs.
AMEX:SLVLong
by Glewis54
6