The Similarity of the moves is uncanny. Silver just made new lows, will BTC follow. Also notice how the moves in BTC are happening 3x faster so going into next year BTC might predict the direction of Silver.
I am just curious how P&F Silver chart looks like.
This P&F chart tells me silver futures wish to have ACCELERATED downtrend!
If the selling continue, the "O" in the chart will just continue vertically until it hits 13.88!
Ever since silver hit the channel top in 2011, price of silver has been engaging in this long term downtrend channel.
To aggravate the bleakness, a descending triangle (larger one) was formed inside this downtrend channel-(liken to putting salts on a wound/adding fuel into a fire).
Consequently, the price broke down of the long term uptrend channel bottom and...
Silver, like gold, is forming a significant bottom as its weekly and daily RSI, Stochastics and MACD have all either turned higher or are completing their bottoming stage. Significantly, silver has been trading within a price range that previously saw consolidation activity in the summer months of 2010 before silver skyrocketed to near 50. I`m not suggesting...
Silver has a big red Marubozu day, breaking the support around 18.50.
Technically, it is a golden chance to add on to short position given the downward momentum at least for a momentum short-term trade.
Just be vary of the S/R zone from 17 - 18.50
Obvious support line is down at 13 or so, Martin Armstrong thinks it will get there my Sept. 2015 ideally, but if it happens sooner then it may go lower.
Possibly and definitely maybe. At any rate, the sell off on Friday was weak with no follow through. When there's no follow through, I start thinking opposite. Note that SI open interest near annual high while GC OI at the low. Silver Seasonal low in August.
I actually used this analogy from 2002 to 2012 to lay out why silver would go up in value dramatically since it was tracing out the pattern of the technology-driven bull market in gold. If you take a moment to reach Jim Roger's chapter in Jack Schwagers book on Market Wizards, you will read all about how gold was actually driven up by technology uses of gold, much...
I've been over this dozens of times in the past. This is the trade to end all trades.
It makes me laugh how people can see a stock gain 10,000% but a commodity (which doubles as REAL money) cannot gain 3000% in value?
It certainly can and has made moves similar in the past.
$200 is a no brainer and the bubble highs will be much higher than that.
After making a wave 5 high in April of 2011, silver has corrected back to its wave 4 Decision Point which is the tendency after completing a 5 wave sequence. If this current wave 4 DP holds as support, then the tendency is that the prior trend, which was up, should continue up. Silver looks to be bottoming and should, eventually, begin a new bull market.
Long from $19.05 with buy limits around $17.50 and $15.50
Do your own fundamental analysis.
Want a secret the big players usually wont tell you?
It's almost entirely about volume + momentum analysis.
Aka "techs" not fundamentals. It's in the chart. I go to bed these days with take profits set and limit orders right beside them to take the trade the other...
Here's where the silver market is now: After 5 quarterly bars without a new high, a downtrend is set up from the high at $49 and the movement down out of the 27-35 range reached its natural target at $18. Also, the downside price projection happened in the first bar, so the fact that the market is just marking time and going sideways is alerting me to a strong...
