blackwell33

blackwell33

Markets always pray on public psychology. Unless retail got wiped hard earlier this week, I’m expecting a head fake to the upside to reel the buyers back in. An inverse HnS formation is lining up now that will provide a price target to about $351. Shy of the all time high. I am VERY cautiously short term bullish, but only as a head fake.

blackwell33

A few trendlines for consideration. Thinking through options for a topping pattern.. maybe HnS? Or will the train keep going higher?

blackwell33

Silver appears to have broken out and back tested a bullish pendant. Target $30.

blackwell33

After a big run up, SLV looks to be cooling off by showing us chopping sideways action. This is also forming a bull flag. As long as economic indicators remain, and silver continues to get mainstream attention to a slv:gld ratio deficit, then $29-$30 should be the next target. Neutral while this plays out. Long after an upside breakout.

blackwell33

Chart pretty much sums it up. It's all just a matter of timing.

blackwell33

A miss on earnings back in July put a halt to the upside run after a technical break out of cup and handle. Spent the last month forming a bearish descending triangle. Will it go back to restest that breakout area as support? Volume looks weak and unsupportive, moving averages about to cross over. A break of the bottom support would warrant a short position.

blackwell33

Cup and a later handle?

blackwell33

When does it pop?!

blackwell33

SILJ on the pullback this week. Where's the next buying point?

blackwell33

Breaking down some of the intraday patterns here in SLV. RSI well overbought based on historical numbers. We also have a GAP to fill as seen in the previous burst. The $25.25 target also lines up with a 50% Fibonacci retracement point. Disclosure, I'm short SLV for this week.