ridethepig

ridethepig | Silver Waterfall Event

Short
FOREXCOM:XAGUSD   Silver / U.S. Dollar
πŸ“ What's in play here?

This boat is becoming very crowded and the absolute freeing move would be a pullback into support before continuation to the topside in 2021. I have dropped my target to 18.5x, because even after the defensive CB manoeuvres continue the strength is mostly priced, and late buyers are underestimating that.


The nucleus of the move comes from a 11 August with the start of an ABC part inside a 5-3-5 pattern to open up the possibility of a slingshot in wave 3. For now, to the downside sellers must not allow buyers too far down, or else the threat of the creation of a wedge would becoming disastrous. Take for example 22.4x and 18.5x as main targets to aim for. While to the topside, invalidation and reassessment needed above September highs.

Thanks as usual for keeping the feedback coming πŸ‘ or πŸ‘Ž

πŸ“Twitter: https://twitter.com/ridepigs

πŸ“Telegram: https://t.me/ridethepig

Comments

nice idea but The RSI at 30 is too low for this to play out , needs to be overbought 70+
+2 Reply
ridethepig Trendhopper
Thanks @Trendhopper, why not? Check out 6th march levels as an example
Reply
@ridethepig, time's different. Lots changed since then fundamentally
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miccozone Trendhopper
@Trendhopper seeing the RSI as just an overbought and oversold indicator is wrong because it could also signal trend consolidation. Watch the RSI and find out how long it stays around the 30 level
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I’m assuming this would be a shakeout before retesting and surpassing the highs. Are you bullish long term? It seems like you said, too many people in the boat and the natural move for metals would be a shakeout and a take off.

I really appreciate your posts (being mostly into long term plays for a coming/already arrived recession) but have yet to hear (or see I guess) your two proverbial cents on playing metals during an equity meltdown. It seems the days of central banks suppressing them are over. And yet, DXY could regain a foothold and return which would be bad for metals and yet they are traditionally a haven and the incoming currency crisis would be bullish for them as well... there are some peculiar incongruous things at play here!

just wondering where you see silver gold or any metal playing out long term in this environment? Thanks for all your posts!
+1 Reply
ridethepig horacejunior
Exactly @horacejunior ...you are right to mention the effect of Central Banks having diminishing returns, this is an advanced call outguessing the shakeout. I will try getting round to updating the precious metal charts this week!
Reply
Silver coming back huge
Reply
You're incredible. Exactly spot on. Thanks for your sharing your analyses!
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Dont see us moving below 20 Usd to much support there
Reply
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