Siver in wave 4 pennant on weekly chart Trendline fibs say pennant support and resistance before wave 5 down. Time says 27 bars harmonic. ABCD gives target of approx.15.25
Crazy to see only 2 makes a thumbs up 2½ years ago ...but heck. I have always made charts nobody believed in but were spot on. I wonder why it's so difficult to trade for many. Maybe due to lack of imagination...or skills? Pick and choose.
Comments
VivaciousVV
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I recalculate your ABCD target (in a very careful precise way with trend based fib ) and got 11.67 as a result - so it seem that we are going to get lower wave 5 :)
UPDATE! The silver chart produced 4 month ago is still right on track. I'm still looking for silver to go lower.
CoinedByCrypto
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An update on my 2 month old silver chart..... still right on track
carrytrade
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However since Aussie is about to smash long to the upside either in February or March, I'm betting the metals will follow suit. $15 seems unlikely but since $18/$20 is so obvious maybe it will go to $15. However its rare to see more than a 61.8% retrace, and we just barely dipped below that at $18.17 lows
carrytrade
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I've never seen such large volume the last time we hit $18.50. That type of volume is highly indicative of a major player finally capitulating (taking profit) on their last longs from sub $18, and a new major player taking those longs on.
There are major trendlines at $16/$17 and 987 week EMA is at 14.50ish
carrytrade
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or even another player clearing naked shorts
Landersdault
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Hi BM, thanks for the idea. It helps and gives a clear image what to do next. A little confusion here, in this chart there're two zigzags from 2 May 2011 to 27 February 2012. As ElliottWave principle said, a five subdivision wave forms a lager degree wave 1. So, did the first zigzag here form a lager degree wave 1? or actually it has nothing to do with the larger wave 1 but just a correction to the previous uptrend. I do have seen another situation like this one , which confused me a bit. thanks
timwest
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So many ways to count it = risky to guess. Once a pattern is at the end of a count, then it is worthwhile to take a trade. Looks like multiple counts with a similar end point, so I hope we get there and load up the boat :-)
CoinedByCrypto
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Thanks for comment! I never trade wave 4 myself in any asset . Simply to risky. One could be caught up in a whipsaw and have used a lot of time and anxiety.... and with an sometimes with the end result of not being able to earn enough to pay for the trading cost... Not worth it. A clear trend is to be desired.