Silver: The Big Picture

TVC:SILVER   CFDs on Silver (US$ / OZ)
This is an update to previous silver charts that I've published. I am still remaining bullish
and have outlined an initial target of US$25.57 which is the 1.618 extention or the height
of the right angled triangle. The target of US$15 has been achieved and it's on to the next
one now US$25.57
I think that we are still in the early stages of a spectacular bull market which is ahead of us!
2019 is looking great for silver!

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I think silver is greatly undervalued but I see a lot of resistance between 16 and 20 before we can get anywhere near 25 but like I said I do think it is undervalued and I do think it will surpass the 20-30 range in the very long term but before we get there I think it is a bumpy turbulent ride
RaSantana phil155
@phil155, Yes I think you're right! I don't think anybody expects silver to go straight up to $25 plus, {although it would be a bonus if it did :)}. Like you said: It could be a bumpy turbulent ride before we surpass 20-30 range, however, I don't think that it will be a very long term before we reach $25. Sure there will be profit taking, and shorts along the way, but if covered by generous stops constantly moved up to protect profits, we should be fine!
Personally, I don't like to trade against the trend (taking out short positions while in an uptrend), that's for the traders much braver than me! While I have been known to take some profits at the top of wave 3 in elliot wave terms, in order to buy back after a correction of 25%, 38%, or even 50% thus adding to my position in wave 4 so I can profit on the final leg up to wave 5. For now though, I'm going with the flow as the trend is up! Wishing you all the best for 2019!

+1 Reply
phil155 RaSantana
@RaSantana, I think this is a key point in silver and if we can hold this level we have a nice path to go over 16-16.50 and that could come in short order. If Silver can hold over 16.50 we can run to 18 in my opinion and I think that would be a very good place to build in a new floor of support. Don't get me wrong because even at that price silver is still undervalued to a great degree, in fact I think it can go much higher and still be a good long term buy.
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