Contracting WedgeHi guys. Here's another pattern chart from your modest trade partner and imho. As always have a nice day.
SLV trade ideas
Megaphone + BullflagHi guys. I was expecting more strength from silver today but in my humble opinion it's still strong enough to float up next week. Have a nice weekend.
50% ConfluenceHi guys. It was a pretty good drop and probably an exaggerated one taking into account the recent rally. I'm cautiously entering a very short term position here off the 50% retracement zone. The probabilities should be pretty good. Thank you for taking a look.
Long SLVNote the RSI in the way oversold territory, each time this has happened there has been a large bounce in SLV. Expecting the same.
BOL!
SLV poised for breakout to 19-21 levelSLV has met resistance at the 200 week moving average (16.23) but may be headed for a move higher if a proposed Elliot Wave count plays out. After a big move down, approximately 35 points, SLV appears to made a leg higher followed by support above the previous major low. This could indicate wave 2 of an Elliot Wave move. The current wave 3 move appears to be entering wave 2 of 3. A breakout above the 16.25 level could result in a wave 3 of a larger wave three move, generally more powerful. Fib retracements indicate SLV could run to 21, 26, 30, etc.
SilverWanting to enter above 16, can see a nice run
and then waiting to get out on purple entries....
SLV in Descending Triangle PatternLooks to be at the top of the triangle and probably rolling over and headed lower. If it drops below the 7 or 13 day SMA, this would be a good short trade. I wonder if it'll head all the way to the $13.30 level? Guess we'll see what happens in the next few days.
SLV TargetThe old 500k Dark Pool print just above is the near term target. Take profit. $GLD $GDX $SPY $VXX $JNUG
CapitulationSeasonal bottom after FOMC in place. Next stop is the 500k dark pool above. $TLT $GLD $GDX
$SLV / XAGUSD (Silver) BullishSeasonal Tendency set up into the new year
Demand Zone
4% Stop Loss 8-10% Gain
Silver ready to bounce back up.Silver has reached it support level around 14.75 dollar, multi signs from low levels RSI to bounce back up again. Silver had a massive downtrend and it seems to be ready to jump up again. With the coming december rate hike of the FED on december 12 until 13 silver and gold has reached a very low zone, silver punished more badly the gold. Silver has more potential to go higher, also when a lot of big investors and funds are promoting silver to go up again very fast.
12-01 SLV Chart (by Got Goldies)The rule outside of a channel breakout is a 3 tap retrace. The wick under the down move is bullish; it means buyers came in.
