As in gold, possibility for a new bull market in SLV is in the cards for coming 2024.
The price structure* on weekly time-frame suggests there is a high chance that SLV, has found its bottom last year in Sep'22 and with higher low this year in Oct'23.
As long as Oct low holds, I would expect the price to move toward next resistance zones: first 22 and later important 24-25 zone. Afterwards, if price builds a handle and breaks-out above 24 that would confirm the move to 27-30-32 resistance area.
Overall, traditional fear-type assets look mid to long-term bullish to my eyes in coming months and years.
Trading thesis: I need the price to confidently move above 50D MA, and create at least short base with several days/a week of consolidation around previous basing attempts (most recent being around 21) with later break-out above this pivot to consider longs.
* Important caveat to EW: I use it solely to have a subjective idea about sentiment and overall structural context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
The price structure* on weekly time-frame suggests there is a high chance that SLV, has found its bottom last year in Sep'22 and with higher low this year in Oct'23.
As long as Oct low holds, I would expect the price to move toward next resistance zones: first 22 and later important 24-25 zone. Afterwards, if price builds a handle and breaks-out above 24 that would confirm the move to 27-30-32 resistance area.
Overall, traditional fear-type assets look mid to long-term bullish to my eyes in coming months and years.
Trading thesis: I need the price to confidently move above 50D MA, and create at least short base with several days/a week of consolidation around previous basing attempts (most recent being around 21) with later break-out above this pivot to consider longs.
* Important caveat to EW: I use it solely to have a subjective idea about sentiment and overall structural context to support, but not guide, my investing decisions. Price and volume is the key, and only price pays, not the fibonacci resistance or any wave count.
Мой телеграмм канал: t.me/marketartistry
