$SLV LONG Wait for the dip or even dont if you dont mind chancing the dip, either way long Silver here this will easily break this level of resistance and seek greener pastures. Watch this blow past the first target of 33 and head towards 50.
SLV trade ideas
SLV and InflationGoing off of my previous chart on DXY, SLV showed multiple bounces off the 200MA before trading upwards in a channel, and just today breaking out with a huge bullish kicker. As the Fed may work to avoid rising inflation levels and reverse the price action of DXY, SLV ma look to fall back into its channel and fill the gap down.
Strong price trend in Daily Silver trendUnderstand Renko's? These only show PRICE moves...not over time.
Trend is clear.
I'll add a correlation and projected trendline.
Silver going parabolicSilver breaks $19 and reaches ATH in around 4 years, next resistance level @20.7
Silver still looks cheap especially compared to gold.
Strong Silver move SLV XAUUSD Remove "time" and look a price trends with Fibonacci ... see any patterns here?
I'll post 5-15 min moves also
Long term? Silver $20
$SLV SILVER LONG TERM VIEW ~5-10 years Elliot Wave Theory EWTconsidering how long the initial move down took, i'd think the last wave down before we complete the correction that began in 2011 may take just as long or longer? still think pivot at median line of channel and those fibs though.
SLV - Watching $18.35SLV traded to 18.35 last Sep and looks like it is ready to push tru that level and has its sight set on 19.55 and 20.64. At its current price it has broken thru a resistance line from 2014. SLV looks like ti may finally be ready to break out!
$SLV Got Long This Name Today LT HoldNot a trade a -its a long term hols looking for min 50% upside - not advice
SLV - 17.69 possible resistanceI had been watching the 17.69 level as a possible "neckline" for a reverse head and shoulders formation. Strength continues so just sitting back and letting it play out. As always, I try hard to suppress my optimism but the strength has definitely shown proof that the move is impulsive.
Silver ETF Just Had a Golden CrossAs we cited yesterday, a “ weak dollar ” trend is taking shape in the currency markets. This has been accompanied by strength in commodities like copper, gold and silver.
The iShares Silver Trust (SLV) could be the most interesting today because its 50-day simple moving average (SMA) just rose above its 200-day SMA, resulting in a “Golden Cross” for the Silver ETF.
SLV has also squeezed into a tight range for the last 1-1/2 months as copper and gold have run. This creates the potential for a breakout.
Price action has taken the shape of an ascending triangle in the last three weeks. There’s been a series of higher lows and resistance is around $17.
Interestingly, SLV had a similar pattern in April and May before moving above $15.
OPENING: SLV AUGUST 21ST 17 SHORT STRADDLE... for a 1.92 credit.
Notes: Rank/implied at 52/39 with the at-the-money short straddle paying 11.5% of share price. Will look to manage at 25% max or on side approaching worthless.
SLV - Test of Breakout?Added a bunch of 2022 LEAPs just in case. Could see an explosion. At least if wrong, my time frame has been extended out another year
SLV - Ready to Attack Feb High!SLV is at a critical juncture right here and a push above the overhead resistance will put it back in attack mode for the Feb highs. Would like a solid close today on better volume.
SLV - Looking ImpulsiveMy expectation for some downside action last week did not occur. On Friday, thought it was going to happen with a quick slam down to 16.30 but by the time I could blink, it was quickly rising back up. Such a bid in the paper market is to say the least, a bit surprising after the long, sustained selling that we have seen for years. I guess I'm not used to it at all.
When looking at the weekly line chart, the two corrections appear to be text book Elliott Wave Theory with the wave 2 correction being a zig-zag and the wave 4 correction being a flat. It's a bit confusing as we see that wave 1 might have only been 3 waves instead of 5. Still expecting some sell at least to complete an A-B-C correction but if the wave 4 is a flat, then we might only expect price to drop to 16.20 completing the formation.
If this is a bullish wave, Wave 5's in commodities are generally the strongest so perhaps a push up to the 20 level can be possible. In the end, for me the signals are mixed and confusing. I continue to accumulate on the physical side and have cut my paper options to only slightly bullish with long 2022 LEAPs. Most of the 2021 LEAPs have been sold or spread off.
SLV : CATCHING UP TO GOLDJust as Gold is breaking out to new highs, Silver is potentially on a juncture where it could continue is intermediate uptrend. Fibonacci Price Extensions and Elliot Wave analysis applied. SIL (silver miners ETF) already breaking out from consolidation observed thru On Balance Volume (OBV) indicating buying pressure.
