Silver Channel Forming?After a healthy run, some consolidation can be expected. Here's a channel that appears to be forming
SLV
Possible Wave 4 startingCould be that we have just completed a wave 5 finishing off a wave 3. The current downturn may be signalling the beginning of Wave 4.
The last correction, wave 2, lasted approximately 3 months. Sometimes wave 4s can last a long time and display many different formations. The eventual Wave 5 should challenge the last major high, just under $20. I'm projecting that it will overshoot, going to a gap above $25 and then testing the breakout area ($20).
I will be watching price on Monday or Tuesday to rally and test Wednesday's high. Given the current strength in the recent move, I expect price to break through to higher highs. But a failure to make new highs may confirm that Wave 4 is beginning.
Silver Looks Friggin BullishHello Traders,
There has been a lot of talk about the precious metals recently (Gold / Silver) with many different reasons for the resurgent interest in precious metals ranging from the classic "store of value" to "finite resource" to "growing lack of trust in fiat currencies".
From a Fundamental Analysis point of view I don't really know anything about Silver apart from the basics so if you are reading this and know your stuff about Silver please put it in the comment section.
This chart is from a TA perspective.
Since the beginning of 2002 the price of Silver went on a bull run which peaked in April 2011. That run lasted about 10 years with gains in the region of 1125%. Very nice if you were long on Silver. From an Elliot Wave perspective the price printed a nice set of bullish impulse waves.
Then over the course of the next 4.5 to 5 years the price retraced to the 0.786 Fibonacci level, pretty much to the wick. WickHunter loves it when the market obeys Fibonacci. This entire move looks like a massive Wave 1 and Wave 2 has been completed and price is gearing up for a wave 3.
"If" this is the case and tbh that's exactly what it looks like, then Silver could go to the moon here.
I've used the Fibonacci extension tool on that wave 1/2 and plotted the 1.618, 2.618, 3.618 and 4.236 extensions as targets.
Nobody knows which of the targets will be hit, only time will tell.
WickHunter
Silver's Long GameIt appears that the long correction in the silver market is over. A bull market in silver could see prices reach over $100. Only a matter of time and patience.
Silver Imminent Breakout Years in the MakingSilver is at an imminent breakout zone years in the making. This likely might just be the trade of the year is not the last few years. The equilibrium is getting very tight with SLV making it's first weekly higher low since December 2017.
Furthermore the macro fundamentals are very bullish for precious metals. The Feds also recently reverse course on rate hikes and expectations are now rate cuts. And as crazy as it sounds, this is all on the back of strong economic numbers. With the looming potential of further escalation of trade wars and heighten political instability; it seems easy monetary policy is almost certainty. And the icing on the cake is that Silver to Gold is near all time lows. As long as bullish momentum continues, there'll come a time where silver is going to slingshot and play catch up with go and it may happen quite soon.
What the hell just happened to SLVI said silver (SLV) was going to rise but it honestly has shocked even me. Lately it had the momentum of a runaway train and even started going exponential with several gaps up it now has to fill, but when it blew past the second blue top line (a long term overhead resistance going back to 2015 if you can believe it) I was truly shocked. I sold a lot of positions in anticipiation of a pullback just over 16.00 but the resistance of the large channel we identified several weeks ago has been an excellent guide. Today there was a monumental pullback. After first rising over a 1% for the day it was down 0.7% at the time of writing.
The other sign that a large pullback is due are the COT reports which show the largest institutional short position since January of this year in precious metals. My patience for a large pull back has finally come. At the very least it needs to come back to the top blue line, but based on the size and breadth of the upward channel it could easily pull back even further. We will watch key support areas but at the close of today a short position was entered in the precious metals/miners market (please refer to GDXJ which failed to make a higher high and has already breached the upward channel).
SILVER WEEKLY Can you imagine not being long on SLV
Doesnt get much easier than a daily double bottom inside of a weekly double bottom
But most people rather wait till the $40's ;)
*This is NOT financial advice*
SLV Double Bottom ProjectionsSLV is exploding up in past days. A longer-term view shows the massive 2015-2018 double bottom. To confirm the double bottom, SLV will need to break above 19.82. There's a gap above the 25 level, a likely target. A successful test of the breakout level will likely be the launching pad for much higher prices.
SLV Gap needs to be filledSilver has a long way to go to catch up to Gold so price may easily break through previous levels of resistance. The gap above 25 seems like a good intermediate-term target.
I sold all of my gold and silver stocksI am still a believer in the gold and silver market but I finally sold all of my silver in gold due to the potential of a big pullback.Yes I do expect a big rally after the pullback!
SLV break-out seems confirmed, new bull market?Itrust Silvershares went up another 4% today after fears of a global recession hit the economy. Gold is also up. In comparison to the gold-market SLV seemed to neutralize, but now the break-out of the previous pattern seems confirmed.
Silver long; first target hitMostly I post these privately for my own use, but you can count me among the silver bulls. Trying to refine my TA a bit but was happy to see my first target hit on XAGUSD (and SLV) today. Expecting a ST pullback before next target is ~$18.50. This would correspond to somewhere around $17.00 or higher on SLV.
Silver FTWTrend line from 2016 is well in tact and looks like this is the beginning of a significant upcycle. PM’s have always had an inverse relationship with equities and I watch the news closely to determine price targets. Trade war with China won’t have news until near end of August. I believe silver (and gold) will continue to rise until any news of resolution. No resolution = more bull.
#SilverbreakoutEntered the start to a SLV position, at what may appear to be a massive premium. Total position will slowly be formed, but entered the long here using long call debit spread.
SILVER 50 Year 2M Linear StudyLots and lots and lots of resistance. Indicators and history suggest longer term SILVER is headed down, and it's a long way down to trend.
New channel in Silver becomes more clearI did not immediately appreciate the second overhead resistance (blue line). It starts back in 2015! It represents the last area of resistance to be targeted. I've tried to make the new channel lines thicker in appearance but right now SLV is filling up the gap from yesterday using the resistance line as support. Next target is the second blue line but I think we can all see how this is going to play out!!
Silver extremely bullish!It just touched the moving average and launched like a rocket.
Huge volume too.
