Cincinnatuus
Short

Silver Is Breaking Out! Not…

TVC:SILVER   CFDs on Silver (US$ / OZ)
So much excitement over the price action in Silver , with the nice move on Friday. So I figured I’d post a short-term chart, so at least the people who look at my stuff won’t get burned.

The big picture is this is a C-wave sell-off within a larger C-wave sell-off, to finish off an even higher degree b-wave. So, expect prices to drop pretty relentlessly with some sort of accumulation pattern close to the bottom. A pair of double Zig-Zags as shown on the chart would fit the bill nicely. The best way to trade this is dollar cost average your way in, buying when you can get good deals. In sell-offs there are always lower prices in the future.
I think that fact that silver was close to the 2016 low is more important then the pattern you found.
but time will prove me wrong or right.
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Cincinnatuus exander57
@exander57, The problem with the rally up from the December 2016 low is that the 2nd wave over laps the price territory of the 4th wave. This means that wave is corrective. Corrective waves always completely retrace. That knowledge in and of itself has great value...
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exander57 Cincinnatuus
@Cincinnatuus, I think all of the indicators, patterns and tools we have are useless by themselves, What we look for is confluence of multiple different patterns. that said some things are more important then others, yearly patterns> month > week> greater > day > minute.
I am honestly not even sure which variation of Elliot wave pattern you are using because I am not that well versed in it. I personally consider it lower priority then old shcool price data and moving averages.
1 we have a significant low 2, the price has crossed over the 50 100 and 20 day moving averages, the weekly chart shows a very nice morning star reversal pattern. I think it is more likely you will see silver reach 15$/usd then 12.00 usd per ounce
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Cincinnatuus exander57
@exander57, Seeing as we are .38 cents away from $15 probably likely. But, despite the hopes of the Ant below, just because it breaks above 14.998 doesn't mean a new Bull Market is on.

One of my favorite indicators is also price action based: Momentum. Currently, Silver is trading up slower, with less Momentum, than it was previously trading down. That's my tip-off that the trend is still down. Additionally, I'll fall back on Momentum trading stop levels to determine a markets reversal. Don't get me wrong, nobody would be happier than me to see Silver trading up, because I'm already heavily invested. I'm just looking to get more deeply invested... Thanks for the comments, and successful trading.
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ant1112 Cincinnatuus
@Cincinnatuus, I don't think we are at the start of a new Bull Market. I just think that these prices aren't here to stay for much longer. It seems a lot more likely that silver will trade higher rather than lower for the time being but that could change in November and December.
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price action just says otherwise. If silver gets to the $14.85 area we could be in for a reversal.
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@ant1112, Getting above 14.85 would make this bounce, potentially, the c-wave of a flat...
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ant1112 Cincinnatuus
@Cincinnatuus, All I can see for the moment is upward movement. All I see is sellofs being met by even bigger rallies back up. The next level to break above is 15.10. I could be wrong but if 15.10 mark is held then we could be in for a full reversal. Only thing i'm worried about is November 6th...
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That's why I stack Big Mac's they seem to follow inflation nicely. LOL
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@Morbid33, Hilarious! As for me, I keep my Big Mac stash right out in front of me, where I can keep my eyes on it, and within arms reach. ;]
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