Glewis54

Glewis54

I have been taking this opportunity this morning to add to my long term position. As you can see, the monthly trend is still up with higher lows and higher highs. Today is month's end so as long as we don't go below today's lows tomorrow, the monthly trend is still intact. On the shorter term view, looks like a normal correction in progress. Hey, if you want...

Glewis54

Still holding an uptrending channel. Holding this level would be super positive, setting up for a wave 5 move to the top of the channel. By rule, Wave 4 cannot breach Wave 1 so while lower prices are still possible, impulse waves generally conform to the channel. As my long term outlook is for eventually testing the highs, I was buying Jan 2020 and Jan 2021...

Glewis54

Appears that we may be in a wave 2. Wave 1 being 16.61 to 17.41. If wave 3 moves 1.618 of wave 1, targeting 18.70.

Glewis54

It appears that Silver has completed a wave 4 (of 3). It immediately rose to the first Fibonacci projection of 1.618 and is entertaining moving to the 2.618 level. As the Wave 2 of the next higher level took around three months to play out, I am anticipating that when this wave 5 is completed and the higher level wave 4 begins, Silver may consolidate for a...

Glewis54

382 retracement level hit. Good time to sell? Or will weekend news result in spike next week?

Glewis54

SLV had every opportunity to head down much lower today but upon filling the gap, prices immediately reversed. Analysis: Successful three day test of the low. Price should now rally to form a three week test of the highs. While daily closing prices might be higher, the weekly target price to surpass is only 17.15. Possible rally could/should move into the...

Glewis54 Updated 

Perhaps another shake out coming tomorrow with Fed talk coming tomorrow. Still long term bullish but grabbed a handful of cheap SLV puts at the close today just in case volatility strikes again

Glewis54

Price support at a rising 4-week moving average often serves as a launching pad to higher prices.

Glewis54

Running a 10 month average with a long term support line shows that on a monthly close basis, we should hold support around 15.70.Still a strong bullish trend in the works

Glewis54

A more bullish view may place us in a minor wave 4 of a larger wave 3 structure with a test of the highs and the potential wave 5 coming in a couple of weeks. Some suggest that in commodities, wave 5 can be the strongest move. My longer term view (other posts) suggests a confirmation of the Major Double Bottom. To complete this formation, SLV must break above...

Glewis54 Updated 

As SLV appears to be entering into a bull market phase, interesting to see possible channel ranges. In 2021, I could imagine to see $40 as the midpoint. That could be consistent with a gold/silver ratio moving down to 40. Of course, knowing how silver trades, a $2 smackdown could occur in any moment ;-)

Glewis54

Looks as if it could run to 30 to 34 just on a normal retracement

Glewis54

Coming off of the highs that tested the long-term channel. Will be watching for a test of this top in November-December. A failure to break out might lead to a trip to the bottom of the channel.

Glewis54

The Vertical bar is the January 2020 option expiration. Large range of possibilities

Glewis54

Appears to be in the final stage of a wave 3 with one more rally to test the highs. Then anticipating a wave 4 of a similar time frame as wave 2 with an alternating pattern. Then on to test higher resistance levels.

Glewis54

After a healthy run, some consolidation can be expected. Here's a channel that appears to be forming

Glewis54

Could be that we have just completed a wave 5 finishing off a wave 3. The current downturn may be signalling the beginning of Wave 4. The last correction, wave 2, lasted approximately 3 months. Sometimes wave 4s can last a long time and display many different formations. The eventual Wave 5 should challenge the last major high, just under $20. I'm...

Glewis54

It appears that the long correction in the silver market is over. A bull market in silver could see prices reach over $100. Only a matter of time and patience.