Ape

SLV Triple Top Resistance

BATS:SLV   ISHARES SILVER TRUST
210 3 2
In this chart I analyzed SLV's 1 minute chart for May 9. Here I pointed out three peaks where SLV             rallied to 20.47 before encountering resistance and heading back down. Volume is a key factor in identifying this triple top resistance. Before each rally to the resistance there would be significant increase in volume , but each rally had less volume then the one before it. You can see where I circled the three spikes in volume prior to a run to the resistance. You can still see a spike in volume in each subsequent rally, but each has less volume which is key. I circled a fourth spike that occurred before the bell. This could indicate a possible fourth wave to test the resistance. The decrease in volume in this spike indicates that there will probably be a fourth wave to test the resistance before falling and testing previously made support levels. Each rally created a possible level of support for SLV             to bounce off (28.32, 28.15, 28.00). Based off this chart I think it is likely that SLV             will take support at 28.32 and create a 4th wave to test resistance at 28.47 before reversing trend. After reversal of the 4th wave I will be watching the $28 for key support. Here I believe SLV             along with silver             will break support and create a new low, or it will bounce off support and reverse trend.
Agreed.
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Agreed.
Reply
I wanted to follow up on my previous post of SLV regarding my Eliot Wave analysis. SLV closed just above my marked Fib point at 28.29. Based off today's formation of triple top resistance I believe that SLV could bounce off support levels and be entering its third wave up of its' uptrend.
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