RaSantana
Long

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!



Disclaimer:
This is not trade advise! No liability will be accepted for your trading losses!
RaSantana's ideas or publications are meant for educational purposes only, and are
given in good faith! If you are unsure or have any doubts about your actions, you
should seek advise from an investment advisor!
It must be realised that I am a human and as such, even I can make mistakes! :)
Errors in judgememt and misinterpretations can and will occur, so trade at your own
risk!
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Wishing you all the best of luck in your trading and investment activities!

Comments

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
Reply
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!










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+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.
Reply
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