QuantitativeExhaustion
Long

Timing Silver Entry ... Breakout Now or later

AMEX:SLV   ISHARES SILVER TRUST
713 25 26
Here we are, the point of intersect. Silver             has been supported by a multi-year support/resistance area, and is about to run into a weaker bearish descending resistance. In the near term (previous 6 months), the chart has set up a double bottom pattern. To be more exact, we classify this pattern as an eve-eve double bottom pattern. Double Bottoms are very reliable patterns. Failure rate is around 25%. Double Bottom Eve-Eve Pattern measured breakouts are computed by subtracting the previous high (~$23.85) from previous bottom (~$17.75) = $6.09 and than multiplying the % gain (34.28%) = $2.09 to the previous top (~$23.85) = =$25.94 for a Double Bottom Eve-Eve measured move.

I am not an Elliotician by any means, but I did give a try at counting silver's 1-5 corrective wave (A). What I concluded was a 5th wave failure, for both Major and Minor 5th waves. 5th Wave failure's often than not have very quick B corrective reversals. If we take both, double eve-eve bottom pattern, idea of a 5th wave failure, and the multi-year support breaking the weaker bearish descending resistance, we have a very good chance at seeing a breakout in the very near term.

I did place two variable breakouts. Silver             could breakout tomorrow, given we are very near the bulls support foundation. We could also hold-off a few more weeks and tighten up even more until we reach the point of intersect, where something has to give. I also noticed that Silver             has been running a descending parallel fib channel (even more pronounced on the XAGUSD             chart). These Fibonacci channels could be future support/resistance lines to look for if and when we breakout. I additionally added fib lines with fib extension/retracement from the previous low (our foundation at $18.25) and our Double Bottom shelf high ($19.85). Fib extension/retracements can also serve as futures support/resistance areas. These fib lines will help us, if we want to look for new entries or exits.
I'll take your word for it !!!
It's really hard for me to see what the chart is actually "saying"
with such a dark back round/colors, the price bars are barely visible.
Do you see everything OK ?
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Well, you have to zoom in. I can see everything just fine. Are you sure it's not your computer's brightness setting that's not allowing you to see dark charts?
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Could be or it's my eyes. I'm using a 23" monitor and I zoomed and enlarged a lot.
Added brightness and even tried higher back light and that helped a little
but, that blows out everything else, so,
I guess black back rounds and colors I just don't see well.
thanks any way !!!!
Wishing you lots of pips in 2014 !!!!
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Here is a simple look at XAGUSD / silver futures vs US Dollar.
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Probably a breakout on the downside- trgt around 16 and the bottom-hopefully.
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could be... not as confident riding the .236 fib line for a future breakout. But then again I'm not predicting a bullish impulse starting up, only a major (B) corrective wave
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Took a more detailed look. Looks like we have more dowside potential
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LEONES PRO QuantitativeExhaustion
yeah,. not clear what's happening in the metals..
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well we are tightening down, that's for sure. Seems the long term bull support is clashing with the bearish descending resistance.
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Fisher 34 Gator with Merger on Weekly Chart for Gold
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QuantitativeExhaustion QuantitativeExhaustion
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Divergence everywhere
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I think its more probable to keep trying to get lower lows because the 5th wave has not exceeded wave 3
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Gets confusing when you see this sloppy chop. I'm agreeing with you and thinking a new low is in store before a possible breakout.
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Rare occasions corrective 5th waves do sometimes nearly match a 3rd wave corrective. That's why I labeled a failure. If this is the case B impulse in a corrective A-B-C pattern would be fast and or large.
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Looks like later prediction will be correct
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Interesting chart here.
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I have been watching this TKO line for awhile. 20.22 is the make or break line XAGUSD
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Missed the explosion.
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QuantitativeExhaustion QuantitativeExhaustion
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Second chance opportunity, don't want to miss this. Volatility barely budged.
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Looking for the option price multiplier
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Picking a point of entry getting more difficult with volatility increasing.
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