Genghis

Silver July'16

COMEX:SI1!   SILVER FUTURES
88 0 3
Bullish metals and maybe its because I've missed out on this recent rally but the Range Recoil model predications a medium probability of a decent upcoming correction. Unlikely i'll trade the short but view this more as a clear out of the bulls and hopefully an opportunity to get long at good levels.
RangeA Jan15 - Dec15 18.50-13.60
RangeB Nov15 - Dec15 16.35-13.60

For RangeA the recent rally has but this close to the 1.618 potential resistance. RangeB broke north and rally exactly to 1.618 pulled back to RangeB 50% and recent move took levels to RangeB 2.618% resistance.

Similar behaviour on both ranges; rallied to test highs and pulled sub 50% fib. Range 2 did this twice.
Model therefore predicts a correction to $15-16 before we head $22-25+
With all the attention and optimise for metals it seems tough to envisage such an aggressive pull back to the 50% fibs but then again this over zealous interest is probably the perfect setting to clear out weak length.

Related Ideas

Genghis
Silver short
Genghis about SI1! 6 6 months ago
Genghis
Copper - The Landscape
Genghis about HG1! 11 10 months ago
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out