Silver has had a shallow retrace to the .236 level of the first wave. Providing an upside break of this ascending triangle (and hopeful retest as support) this would be a great set up to push towards the next Fibonacci extension levels (posted below).
The line target is a clone of the height of the triangle.
As we can see, SILVER has been showing growth since March. 5 times he tried to break through the $ 28 resistance level, but to no avail, there were only false breakouts. Now the price has approached the resistance level again and is trying to test it. If the price breaks through the resistance level and consolidates, then growth is possible. If again there is a...
If the 2002-2011 bull cycle in silver is a roadmap for this cycle, we are very early on. Silver will spikes & become overextended like last summer on multiple occasions. $300 is a reasonable target by 2028.
Current price action broke the arc to the downside. This may end up being a false breakout.
We will require a quick reversal back up into the arc if this is to be. If not, then we have
a rising 50 day MA and a support around the second green circle.
The short term picture for silver is not looking good. The March 2020 trend is starting to break down and will continue to do so if we get a selloff in the stock market. To the downside $21 cannot be ruled out. Either that or we are setting for one giant bear trap.
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 ;)
Since reaching $30 and coming back down, XAG has been stuck in a beautiful technical structure. It bounced straight off of the long-term fib at around $26.15 before becoming range bound between the weekly support at around $26.85 and the recent 0.618 level at about $27.75.
Last night after the market opened back up, XAG crashed back down to the long term fib at...
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...
The commodity is currently in consolidation with multiple failed break outs around the $30 psychological price point.
On the Daily, Price is well above the 200 MA and if current Market momentum is anything to go by, it seems the bull run is far from done.
My Sentiments :
The $30 Mark is currently the greatest upside resistance at this point. A break above it...
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.