BATS:SLV   ISHARES SILVER TRUST
896 8 3
$SLV attempted to break above the macro downtrend line (blue) and fill the gap- unfortunately with no luck this time. Whether or not is going to form the ABCD bullish pattern ( the leg D @15 in December 2013, if AB=CD in time) or only re-testing the last swing low and reverses, the micro pattern looks bullish . If the reversal takes place next week or so, than a swing high of around 28 level could take place.

If the ABCD pattern will unfold,at the beginning of 2014 is $SLV bullish .
However, the macro trend is kind of bearish and it is possible that $SLV will aim in future for a major swing lower low.
I might see different tomorrow- but today is this picture of SLV             .
BEI
3 years ago
Interesting and very plausible

Your major lower in the future is what brings my attention. From a technical point a view SLV has been dropping 15$ dollars from highs since major 2011 high, And Every bottom has been followed of a 6-8-10$ bounce. the last 23.85 high we made was a 6 $ ish bounce from 17 lows. My point is if prices don't go higher than this last high ans breaks LL we have a combination of swings + other technical factors making 8.45 dollars mark on SLV (23-15) the potential next level. When in doubt i take in account other analysis techniques of mine, those ones are suggesting two basic thing : 1- as long as yellow trendline is not broken, next support could be 8 dollars, -and if it's broken we could get a bull cycle, 2-prices will first test BB median (could be around ma34-50 for gold) because it's level of least resistance and oversold levels need to be worked out for now...
So either prices will react strong bull and push up to 8-10$ and + bounce, breaking yellow trend line and make bull cycle (scenario #1 on chart), or prices will just make dead cat bounce, some test failure or maybe dble top and go down to 8$ (scenario #2) IMO, worst case it ranges between 17 and 23 before picks a side because confirmation of new bull cycle or 8$ price tag is in play.

Personally, Although i am ready for both cases, i firmly believe prices will have huge move up soon, metals has gotten back a clear negative correlation with markets since end 2012 / early 2013 and my bear cycle is complete form what i see...i found SLV much more reliable than GLD and GDX when it comes to timing the metals market.
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TheInsurgency PRO BEI
3 years ago
simplicity is a virtue. makes money too
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BEI TheInsurgency
3 years ago
Hi TheInsurgency,

Prices swings and Fibo analysis is as simple as it gets
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Proxy TheInsurgency
3 years ago
Understanding complexity isn't?
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TheInsurgency PRO Proxy
3 years ago
understanding complexity is absolutely a virtue. Doesn't always make money though.
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sublimares2 TheInsurgency
3 years ago
TradingView is a great place- the best (my opinion) so far for chartists and sharing ideas. There are fantastic charts for each and everyone of us levels of comprehension..Some charts would appeal to some - remember the saying "great minds think alike"? Simplicity can be complicated and is more questionable when the message comes from a person who is not sharing charts in this community. It says something about the virtues:). However, if the drawing was not clear to you, here is the main message: do not get too comfy when the price is bullish.:)
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Extensive study here. I'm favoring your call.
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sublimares2
3 years ago
Updating the chart: I have detected weak bullish divergence and also a pattern that suggests a short term bullish move- correction. However, the chart remains bearish- actually strong bearish for now.
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