timwest
Long

Silver (SLV) putting in a bottom

BATS:SLV   ISHARES SILVER TRUST
405 6 4
Over the course of the next week - I think you can see the emergence of a 20%-30% rally in silver             in the first half of this year.

Whether we see another decline to wipe out all bullish sentiment and provide a fertile ground for a much bigger rally or whether prices maintain these 1-month new highs and then gradually work their way higher and then accelerate as the quarter unfolds, either is a good option from my perspective.

With year-end out of the way, any shorts who piled-on to the down trade in silver             are now ready to focus elsewhere since the last drop failed to take out the July low.

Keep risk low by averaging in over the next week and only add the last position if prices are breaking out of the 5-day range.

Tim

thanks @JR for posting your chart in chat so I could crystalize my thinking on this trade.

5:03PM EST, Monday, Jan 13, 2014
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I'm looking for a 5th wave failure
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Getting Close. Looks like numbers coming out of China on Friday is our trigger event.
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One last low Tim. Truncated 5th wave failure is the play for Elliotticians. Many EW counters still hoping for 5th wave to play-out deeper than 3rd wave, and even extend with a 14 price handle. I'd say that is not likely given that money has already rotated from equities-bonds--- next -->metals/commodities?.
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It's about 1-3 days away from a launch
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timwest PRO QuantitativeExhaustion
2 years ago
Thanks JR for keeping me up on your thoughts.
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timwest PRO QuantitativeExhaustion
2 years ago
Is there some news that you are aware of that is coming up?
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