This_Guhy

Silver Bump and Run Bottom Quickpost

Long
COMEX:SI1!   Silver Futures
Please review Bulkowski's site for the full write up of a Bump and Run Reversal Bottom
http://thepatternsite.com/barrb.html

Our lead in is a little short, being from Sept 1 to Sept 18, being about half the time of the 35 day average. Bulkowski does say the lead in can vary widely and I have even seen this on micro timeframes.

Very promisingly is this three day MACD set up, which has a significant amount of hidden bullish divergence (price action setting a higher low but the indicator setting a lower low) which suggest the MACD will cross the signal line as we get continuation of the uptrend (a higher high)

A review of Bulkowski always has a rundown of what happens in case of a throwback and so I refer you to him. This is a quickpost, after all. Please see my linked post on another BARR bottom. I really kick myself for not staying in this trade long enough. I am in AGQ and hope to play this to a higher high.
Comment: Hit play on the top chart. We have not yet landed on top of the lead in trend line and so no trade is advised on this pattern yet.
Trade active: I actually entered AGQ a couple of days ago as I had enough confidence that we would be breaking to the upside here shortly. The above chart shows that the technical criteria, the lead in trend line being met as support is being tested right now.

I hope to hold AGQ til I see the price action hit the top of the fib channel and if I see bullishness, close at a fib-extention.

Comments

yeah for sure. silver looks oversold. one final hurdle to clear and it may fly soon. nice work!
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This_Guhy ProjectSyndicate
@ProjectSyndicate, Here is a real chart of interest. Silver is turning bullish against bitcoin, as viewed through silver contracts. Most people with traditional investment accounts can buy AGQ and get this x2.

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