Silver Short till Feb 18 then long to 17.2 SI1 target by 10 May
The obvious 20-year long wedge pattern has a focus of 10 May at 17.2 - I expect it to break down before then, test higher prices and then crash to $10 levels to complete the medium term downtrend.
The GannBox and Arcs have been very informative for this Silver downtrend (as well as at shorter timescales). Note the way the medium term GannBox meshes with the longterm GannFann.
I've reversed my long as per my previous ideas on this, and expect to reverse my shorts a bit below 15 mid Feb as it consolidates and completes its drop from the 1:1 ray to the 2:1 ray and makes its exuberant false break up.
After the breakout I expect to see a sharp drop reminiscent of the wedge breakout you can see in 2011-2013. Note that that ended with a two year $9-wide ($26 to 36) trading range. We've just completed a two year $2 wide trading range from about $15.75 to $18 and are still experiencing the high volatility following the false break down that ended it (which we've just seen disconfirmed as we've rentered the trading range). But this false break presages the true break coming in May.
I expect the consolidation around the $10 level to take us to September, getting us ready for a new bull market over the next couple of years.
Interesting times for Silver
The GannBox and Arcs have been very informative for this Silver downtrend (as well as at shorter timescales). Note the way the medium term GannBox meshes with the longterm GannFann.
I've reversed my long as per my previous ideas on this, and expect to reverse my shorts a bit below 15 mid Feb as it consolidates and completes its drop from the 1:1 ray to the 2:1 ray and makes its exuberant false break up.
After the breakout I expect to see a sharp drop reminiscent of the wedge breakout you can see in 2011-2013. Note that that ended with a two year $9-wide ($26 to 36) trading range. We've just completed a two year $2 wide trading range from about $15.75 to $18 and are still experiencing the high volatility following the false break down that ended it (which we've just seen disconfirmed as we've rentered the trading range). But this false break presages the true break coming in May.
I expect the consolidation around the $10 level to take us to September, getting us ready for a new bull market over the next couple of years.
Interesting times for Silver