Yesterday I said these patterns were invalid due to the fact that they were no where near D with the amount of time left... Oops. It's not right on 1.618 so it's either not quite done down or it was close enough. With action like today, I don't want anyone to take a risk. But trade once you feel/see it's working towards the target retraces.
Silver prices have retreated in August, but the rally so far in 2016 provided several technical buy signals earlier this year. These signals suggested at the time that the market's stance on silver, and precious metals in general, was shifting despite the continued backdrop of another possible Fed rate hike (still really low rates!). Today, silver has tested a...
Just trying to spot patterns and it would be interesting ... and hopefully profitable if this pattern continues
- Rally off long term supportive TL rejected twice at (A) high -> pulled back to (A) 50% fib
- Subsequent rally got to (A) 1.618 breaking through (B) high but failing to push above (C) high --> pulled back to (C) 50% fib
- Subsequent rally got above (A)...
