Conveniently the target on this formation matches with the three month off to the left. I have placed both the 3 and 4 st . dev. bands on there, and I have been tinkering with the data visualization aspect so I can get the most data on there while still making it easy to read.
The upper limit of the 4st. dev is pretty ambitious, but by definition the price action has to go outside of the 4st. dev 0.1% of the time, and by golly that is where I intend to take my profit. Despite my optimism for a once a decade run in silver there is still a chance that the price action will behave as it did at the red arrow on the chart, where price action loses some 40% of its value and consolidates for about 5 years.
A green arrow event would mean that even if you FOMO'd in and held you could almost double your position size in little over a year. Now, I don't want my money stagnant for a year either, but that is way better than seeing another red arrow event.
That nice purple line is at the current upper limit of the 4st. dev and it seems to have a lot of contacts as resistance in the pass so I am expecting it to be our resistance in the future, and I think we won't see the great uptrend many of us want to see until it is confirmed as support.
And finally, when I see the price action above the 4st. dev. range I am am sure my adrenaline will dump and I will have damn near a heart attack as I look to market close my USLV position, without anything resembling bearing or dignity. It would be a lot easier if I was just in a CFD or with , but x3 etfs often operate at a premium and so I don't really trust the ability to set take profits at the with USLV .
While silver consolidates I'll be looking at Gold and bitcoin to be moving any direction but sideways.