Some thoughts on Silver Junior Miners, as expressed through the SILJ ETF.
Silver's long term forecast is impressive, but it's short term as an SOV / Industrial Commodity will be choppy, as it's picked up and dropped on whims.
But remember, always DYODD!
A revision to V3, that sees this current 1-5 wave and subsequent ABC shortened by a fib ratio.
Also, have added a fib channel to show the expected price of silver over the next few years.
Now just need wait and see ;)
Building on the work of my V2, which had correctly identified the 8 year cycle for Silver, there was something about the MACD bugging me about it and how it didn't line up.
Went back to it and got to the bottom of it!
And what a lovely find regarding the Elliot Wave corrective wave, in that the time proportion between the last correction period and this recent...
An update of a previous chart.
Just a bit more of a play with time frames, although the core 16 year cycle is still solidly in play.
Most interesting thing to note was the .38 ratio in play between the big movements.
This is the after affects of Gold standard removal in 71 coming home to roost, incredible.
Silver is forming a bullish ascending triangle with the potential to break out in the coming days or weeks. It may be possible to get another rejection on the resistance line, but I would imagine as the economies of the world reopen and velocity of money starts to pick up, inflation will drive silver up to old highs this year. Long/hold position is wise at this...
We have an order block below the previous support on Silver (XAGUSD)
The support marked has been hunted with a wick once, let’s see if we can get a second manipulation followed by a bounce to the upside.
Gold & Silver - Gold finds support at the Fibonacci 50% ratio retracement level.
In Gold -
The bearish run could end here or gold could progress to the 38.2 % ratio retrace at $1,688.
Silver is also at such a key level. Bang on the 61.8% ratio and a classic double bottom pattern resides here for a phenomenally strong confluence of support at this stage.
My fundamentals and technical analysis suggest the Silver is on an uptrend channel. Gold-Silver-Ratio indicates a strong dislocation in the precious metal market. Silver bounced back from 11.6 to 16.11 (at the 0.618 Fibonacci retracement line). Using a Pitchfork, I drew the upward trend crossing through the middle of multiples tops and lows since the 18 March (the...
how safe is this spot to enter ?
is it likely to lose momentum and reverse or will it complete the run to the other zone.
to have profited one would have entered at the zone at the bottom and after the consolidation on the resistance line. 2 opportunities for a longterm trade. candle sizes remain consistent and healthy , next week continuation or not?????
Silver in the world currency unit is about to break out, or break down again. Based on current bias in the Gold market I would anticipate it breaking higher. Gold/Silver ratio has broken out vertically. Only a matter of time till that reverses along with a bull run.
Silver since August 2014 has been trading in a range from $20 to $13, and we have reached this crucial point once again where silver is about to retest $13 and possibly break through and hit its next support of $11. We could bounce of the resistance and stay in the trading zone.