A 70% chance that silver provides a retracement next week, as the attacks on Israel by Iran are not coming out - and the West is getting desperate (I smell a false flag if Iran doesn't bite). Asia (ChIndia - China & India) are hodling silver and gold and will provide the impetus for the forward price of precious metals.
TTM squeezes normally see price bounce off the opposite end as a fakeout before its continuation. I see that on multiple smaller TF's and a retracement to the middle BB on higher TF's.
I see a huge boost of silver miners coming up shortly, but for now I see a consolidation happening. Options for AMEX:AGQ was .05 for $36 June, so I see this going up to $1 or 20x if all goes as planned.
TTM Squeeze building, two trend lines and the 200 is much lower, looking back there's always a return to the mean. Also look at that selling pressure, I still see a wobble before taking off.
Will Korea and Japan's Plaza Accord spur a Chinese devaluation? Yes if they actually do it. It won't work for long as the dollar will come roaring back as everyone defaults from hyperinflation. Ultimately I see 250 for the Yen, the Yuan will be 8-10 by the end of the year. This means that the dollar will lose ground before skyrocketing - which'll boost metals and miners to ATH's. But when the dollar comes back because of some deflationary catalyst and dollar shortage, risk assets will lose value cause no one will have enough dollars.
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Cmon you know you want to puke!
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Alright! Now we'll wait for this to bottom before going long - I will share some multibagger options play when that happens. And as always this is NOT financial advice.
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Getting closer before lift-off. Slight short opportunity still or a 8-10% loss for AGQ which could be decent for slightly otm put weekly
I wanted it to drop down a little more, but will start building long positions for silver which will skyrocket before possibly taking the rest of the year off, unless a pandemic hits again...
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I'd ideally like to see this happen into tonight and tomorrow before blasting off next week. Will post options plays for potential 20x bagger...
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You can see with volume there was a lot of fighting which means a major move coming. I think you'll see a move down to run some stops, before a bounce
Silver will fall outside the bullish falling wedge before take off. The downturn to take it below the wedge could be caused by the next Pandemic h5n1 (see my NASDAQ:GILD thread) before lift-off.
I think AGQ can close the 1D gap ~$32, but that may be the low. I am buying at these levels.
EmptyEternity
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@misconfig_exe, yeah I got that same feeling, bounce might be quicker, gotta shoot up and then down in time for the Bird Flu craziness coming ...
misconfig_exe
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@EmptyEternity I don't pay much attentives, the chart tells me everything I need to know
misconfig_exe
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forgive my voice to text error above. intended to say "I don't pay much attention to narratives, the chart tells me everything I need to know." I saw your recent update, so I guess you're leaning more towards this being the near-term bottom?
EmptyEternity
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@misconfig_exe, RSI and MACD are turning over, I bought some puts to ride down a little more, but this could be the bottom before the big top that ends in June, before taking back off in 2025. I will begin laddering calls on AGQ and others next week.
I am buying at these levels.