Silver - Roadmap
Originally publish my bullish Silver chart some 16 months ago. Which might appear to be way off in time but still within price range and overall scheme of things still acceptable turning zone though little too early. This bearish cycle now appears to be complete.
Silver, might have just formed a significant low and is probably in early stage of new bullish cycle that could result in 2001 high being retested or new higher high being formed in due course.
Please see the video explaining in details the reasoning behind this view.
Video Link: www.danv-charting.co...QaVxJTwlnTDn4F3.html
Here are the summary of Technicals based on monthly chart (see below):
1. Retraced 78.6% of the move from 1999 low - 2011 high.
2. The Dec 2015 low has concluded in ending diagonal (falling wedge) with falling
volume on monthly chart.
3. This is reflected in the momentum indicator such as RSI coiling at the low and MACD turning up from being flat at the bottom.
4. In proximity of rising 200 MA on monthly.
5. Low being formed around Dec/Jan, a period when many major lows have been formed in the past from which strong rally developed.
6. Gold/Silver Ratio chart is in the topping zone and might be ready to reverse.
7. XAU - PHLX Gold/Silver miners Index also appear to have broken out of the steep falling channel.
If above holds true then we could see a large zigzag move towards 2001 high by 2019 based on time symmetry.
Warning: This is my interpretation of price action using TA approach that I consider helps me the most but could be completely wrong. Therefore as always, please do your own analysis for your trade and risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to a live account.
DanV
danv-charting.com
Originally publish my bullish Silver chart some 16 months ago. Which might appear to be way off in time but still within price range and overall scheme of things still acceptable turning zone though little too early. This bearish cycle now appears to be complete.
Silver, might have just formed a significant low and is probably in early stage of new bullish cycle that could result in 2001 high being retested or new higher high being formed in due course.
Please see the video explaining in details the reasoning behind this view.
Video Link: www.danv-charting.co...QaVxJTwlnTDn4F3.html
Here are the summary of Technicals based on monthly chart (see below):
1. Retraced 78.6% of the move from 1999 low - 2011 high.
2. The Dec 2015 low has concluded in ending diagonal (falling wedge) with falling
volume on monthly chart.
3. This is reflected in the momentum indicator such as RSI coiling at the low and MACD turning up from being flat at the bottom.
4. In proximity of rising 200 MA on monthly.
5. Low being formed around Dec/Jan, a period when many major lows have been formed in the past from which strong rally developed.
6. Gold/Silver Ratio chart is in the topping zone and might be ready to reverse.
7. XAU - PHLX Gold/Silver miners Index also appear to have broken out of the steep falling channel.
If above holds true then we could see a large zigzag move towards 2001 high by 2019 based on time symmetry.
Warning: This is my interpretation of price action using TA approach that I consider helps me the most but could be completely wrong. Therefore as always, please do your own analysis for your trade and risk management. You should follow this on Paper Trading Account till you feel confident to apply the skill to a live account.
DanV
danv-charting.com
