I have not been writing about SILVER for quite some time now, because after it got dumped again to 14.3 $ it took a loooong time to recover. Now SILVER has managed to break out of the downtrend and opened possibilites for a new rally.
This is the Daily chart of SILVER showing how this break out could play out according to elliott wave rules.
Now let's have a closer look at this breakout:
If the blue wave 4 is going to touch the yellow trendline from above, this would be the perfect breakout/backtest scenario, which is an over 80% bullish scenario. If this happens i will take a risk of 5% of my portfolio. I would love to see this happening...
Stay tuned... I will surely update SILVER every week now....
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If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
Great. Thanks for sharing. I vote for you and begin to follow you. And Resteemed...
As bitcoin gone this far silver going 600 an ounce should not be a fantasy.
epic manipulaton! tide will turn someday, cautiously optimistic now.
The real value of SILVER is 800$ per ounce. But no one knows when and if the manipulation will ever stop. Maybe if a war breaks out. We will see.. Gold is the same, could go berserk to 80,000$ someday
I've currently got the "maxi" upside target for silver tracker at 17.57. That high might get breached. I think it would translate to an "actual" silver high of about 18.50...ish. Then new 52 week lows across the board for all commodities. I think I figgerd out why Bitcoin didn start dumping for 1 day "after" GBTC did. Dollar Vigilante was late in posting his new "champagne n cigar" celebration spew over at Utube. The prior 2 each resulted in 30%+ drops. The guy is simply amaaaazing. The Dollar Vigilante "buy signal" will be a post at facebook of him getting a caffeine enema. That's what turned BTC right at the 1880 low on Memorial Day weekend anyhoo. :-)
Let him have his caffeine enema if he likes it lol. But he can't move the market in any direction. It was just bad timing.
I see real SILVER at 20$ soon
@ew-and-patterns got you a $1.21 @minnowbooster upgoat, nice! (Image: pixabay.com)
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I've read that over the past few years the investment banks have acquired huge short positions in silver and gold. If they have to cover all these paper contracts that they're short some day we could see a squeeze of epic porportions. I hold about 110 oz of silver right now and my average cost basis is about $16 as I bought in over time but I really bought aggressively (for me) when it dropped below $16.