Silver has been in a downward pointing "shape" with a resistance on the top as a force pointing down, while being supported in a "cup" shaped support that can become resistance on the up if it is broken down.
The levels in this project are potential support/resistance zones in the future, where potential pivot points can occur (marked examples in the past). Similar candlestick patterns can also appear near the Big Thick rectangles which are Power Influence Zones, while the slim longer rectangles can direct potential pivot points or temporary consolidation support resistance levels. The smaller rectangles could turn out to be simple milestones in the path of the price.
The most important aspect of this project and approach is following the price action near the shapes which can trigger a pivot point signal or a continuation after a break and test.
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Interesting hammer right below the green support but above the added red curve which uses the previous pivot point candlestick low in this upgraded version of the Matrix. This could be a good pivot point.
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It was a Harami not a Hammer. Pivot point confirmed. After the big rise in price for today, the long can be secured at break even. There could be a pullback after the impulse wave, but this can definitely try and push for higher highs next week.
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Hopefully any long holders secured the position after the 4% rise.
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So fast so soon. We are at the long rectangle. Cautious approach is advised. The dollar has been upsetting both Gold and Silver. Hard to see an aggressive bounce from this level, so looking forward to see any green candles before even considering a pivot point in this zone. Volatility is up too.
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Potential hammer at the long rectangle...
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Second day with a candlestick shadow at the rectangle but this doesn't look like a pivot point.
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4 candlestick shadows at the long rectangle followed by a bull run that reached the blue. Is this a pivot point?
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Pivot point confirmed.
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Resistance met at the green curve. Not sure if it will hold.
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Consolidation zig zag time near these curved support/resistance lines but the first rectangle is getting close and the "squeezed" nature of this marked between the lines might change in this Power Influence Zone as it was described in the initial description of the project.
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As suggested in the previous update, the price escaped the squeeze zone falling near the rectangle, currently trading below it. Hopefully next update will provide a potential pivot point. Not sure if the blue curved potential support will be the case.
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Hammer candlestick pattern at the corner of the rectangle followed by a bull run
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After the rebound from the dashed trend line, the price found a little bit of support on the green curve. I might be wrong but my guess is that some strange times are ahead of us in this market, with potential swings, ups and downs, and chaotic price action. Hopefully though pivot point/rebounds/turnarounds will still occur near the elements in this project. Trade safe and may the force of profits be with you!
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Squeezed between the forces in a tight spot. Not sure if this will pop.
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From one rectangle to another after the pop. Currently at the start of the previously marked potential green path. Not sure it will be followed. Looking forward for more pivot points or reversals at the elements in this Matrix\
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Decent rebound from the marked price level. Could be just some participants cashing in. Not quite sure it is a complete reversal point.
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8 December. Happy rectangle Day! The next potentially important element in this matrix could be the time stamp when something might happen. Still a long way to go and this can roll over the rectangle, play dead, or even heal, but this puppy is definitely not pogo sticking upstairs to 24 in the next 3-4 trading days.
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Rebound near the red curve inside the top of the rectangle. Not sure if the next significant pivot point will be at the blue rectangle.
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Back in a squeezed spot again, and approaching the time stamp. Looks bearish enough, but we can not discard the option for this to pop on the up as well.
Either way, the blue rectangle should be hit eventually, one way or another.
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Bulls comeback after the drop, with the current (/could be temporary) candlestick shadow for today. If bearish momentum doesn't resume, the intersection of the 2 lines might draw the price like a magnet with low volatility towards the corner of the blue rectangle. Crossing into the other side of the intersection could open things up for greater volatility.
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The price revisited the green curve after which it dropped. Found some support on the red one with a candlestick pattern that looks like a potential reversal. Even if this is not the comeback of the bullish tendencies, I still believe the big blue rectangle will eventually be reached, one way or another.
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First occurrence of support indicative price action at the blue curve. A decent rebound.
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Bit of resistance met at the red curve while also visiting the third green rectangle.
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Back at the blue curve, let's see if it holds. On the bigger context we have 3 elements of interest in the near future in this matrix: the blue dot, the next green rectangle, and the big gray potential support level below which I doubt will be revisited soon, but I might be wrong.
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This follow up potential doji looks like a sign of weakness for the bulls and the blue curve might not hold, regardless of the fact that it qualifies as a potential reversal setup.
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Doji transformed into a harami at the end of the day. Not sure about the case for the bulls, but it seems much stronger than the doji.
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Not sure if the down move was meant to get some bulls out of their positions, not sure if things work like that on the larger scale in these markets where very big sums are traded by big players, but it was followed by a rapid push above and it seems the blue curve still holds despite that slip. Main 3 potential next elements remain the same. Bottom support rectangle seems a little bit far and closer we have the blue dot and the next green rectangle. Not sure if the green line is still relevant, but overall I am still expecting some nice surprises in this Matrix which in a way is absolutely ridiculous. Either this is just randomness or I don't even know how to define the phenomenon, considering all the moving parts in the fundamentals of the markets in the global context of uncertainty, wars and other potential unexpected events...
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Silver at the crossroads between the green downward line and the red dotted curve. Interesting zone between these 2 and the blue curve. Not sure if the market will rebound from this zone or will actually slide in it and get trapped in the spiders web. Also while the blue dot is getting closer and close, and even though my money is on the spider on this one (meaning I have no bias for now regarding direction & momentum), I also don't believe the blue dot will be a hit as I used to have in older ideas in nen projects. Speaking of the blue dot though, it has a time stamp and it could get interesting...
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This setup right here could be a trap as it happened the last time at the blue curve where a down move provided a lower low before the bounce back which is not what I am looking for usually, but nevertheless this candlestick in this position awakened my long bias and I am thinking of the price level of the blue dot as a potential target.
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Following 2 setups at the blue curve didn't unfold as in the first scenario. Both of them ended up being "SL hunted" (probably just normal market activity that had nothing to do with SLs). That being said, not sure if this second scenario will unfold as the previous one where after breaking the low of the signal candle the market got back on its track to create more highs, but today's candlestick looks pretty solid for the bulls. Same dream target around 23.44.
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Nice rebound from the corner of the rectangle and a correction shouldn't be discarded, but overall I am still bullish biased on this one with a potential next target around 24.8
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Not much left until the 24.8 previously mentioned in the comment. If it is reached, silver might try and catch its breath with a pivot flip retracement or consolidation. Let's also watch out for the marked time stamp to see where this might go next...
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Under the green curve at the marked time stamp with an interesting setup with candlestick shadows above and a bearish candle. A decrease in buying sentiment might occur with the formation of a correction. Silver has been rising while Gold has taken a break consolidating. This could swap in the following trading days.
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An interesting rebound at the green where it meets the marked price level. I wouldn't necessarily go long in this setup, but I would definitely keep an eye on this and gold in the near future for any signs of bullish attempts.
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We might close this project right here with this bounce.
@nen, I'm a big fan of the S-Curve, sometimes intersecting s-Curves, as an estimator of time (and, of course, a price container). When you manually fit them just right, curves are better than any algorithmic squeeze indicator, as you've seen. Have you experimented with Fibonacci Circles at all?
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@TheLeadingIndicator, Haven't tried Fib Circles. I might try some more double curves though, in the future, but they seem to artistic and eccentric. I like the new Matrix type of layout. Seems more Zen than the Picasso stuff and easier to follow and interpret when looking for turnarounds and pivot points in the matrix. It can also seem less random when pivot points happen at a rectangle placed in a certain spot in time.
TheLeadingIndicator
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@nen, I use S-Curves in this brief example on a live chart ( BiTChes 6 : "Save the Best for Last" - youtube.com/watch?v=n_YiCzwpS1U ) and Fib Circles in this idea about the DXY - . Once you get started, I think you'll be hooked. Curved trend lines are the bomb!