CRInvestor
Long

SLV - Weekly long 'BoT' setup from $21.98 stop $20.44

BATS:SLV   ISHARES SILVER TRUST
273 1 1
My 'BoT' model (a simple yet effective way to play AB=CD Fibonacci price patterns) suggests the SLV             is a weekly buy at $21.98 with initial stops 1 tick below the swing low of $20.45 (154 ticks risk) and an ultimate upside target of $26.45 (458 ticks). This is a simple play off the gap fill rejection of last week. Should that gap fill rejection fail to hold ($20.44) I would walk. Considering the US Fed's reluctance to turn the printing press's off and their comments regarding relatively low inflation expectations, commodity prices have a lot of room to rally from these levels. The question is, how fast will it happen...
Price entered the gap and that was our 'uncle' point on this trade.....
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