Vizsla Silver Corp (OTC:VIZSF) - W1I'll be using the chart for Vizsla Silver Corp trading OTC in New York, priced in USD, under the ticker VIZSF. For my Canadian friends, Vizsla is listed in Toronto on the TSX.V, where of course the shares are priced in CAD. In this particular instance, I've opted to trade the OTC share priced in USD, but have in the past bought shares of various companies priced in CAD directly on the TSX. Now for the rationale and explanation of the trade.
VIZSF is breaking out of a consolidation area on the weekly candle chart, and ready to run. Target prize zones #1 and #2 are the yellow boxes.
Target price zone #1 coincides with the AB=CD target area (from the previous strong impulse wave up in summer 2020, then retracing back down to the 0.618 Fibonacci level around 4Q-2020/1Q-2021. The first AB=CD target is the zone around $2.80 to $2.90, approximately.
Target price zone #2 is the trend-based Fibonacci extension of 1.618, around the area between $3.85 to $4.00, approximately. The 1.618 Fib extension is being targeted here because the retracement from the above-referenced strong impulse wave up in summer 2020 retraced almost exactly back down the the 0.618 Fib retracement level. I've historically had good results trading the 0.618 to 1.618 move.
Disclaimer: I am long and/or have a beneficial interest in being positioned long in VIZSF shares. Nothing herein is intended to, nor shall in fact, be construed by anyone as any type of advice whatsoever, professional or otherwise. Nor do I hold myself out to be any type of professional in any manner, nor of holding any type of licensure in anything, including but not limited to, licensure in the financial or legal fields; or any other field for that matter. All information contained here is merely offered solely for information and/or educational purposes, and should not be relied upon. Trading in the capital markets is risky. Don't put money at risk in the capital markets unless losing it all would not materially affect your financial wellbeing. See a licensed financial advisor for guidance and advice regarding investing your money, and whether participating in the capital markets is appropriate for your individual situation and risk profile. See an qualified attorney licensed to practice in the relevant jurisdiction regarding matters pertaining to legal issues, advice, and counsel. Consider consulting with an experienced tax attorney and/or CPA regarding any and all tax implications. Do your own vigorous due diligence before taking any action, whether financial, legal, or otherwise.
