Yesterday I said these patterns were invalid due to the fact that they were no where near D with the amount of time left... Oops. It's not right on 1.618 so it's either not quite done down or it was close enough. With action like today, I don't want anyone to take a risk. But trade once you feel/see it's working towards the target retraces.
Silver prices have retreated in August, but the rally so far in 2016 provided several technical buy signals earlier this year. These signals suggested at the time that the market's stance on silver, and precious metals in general, was shifting despite the continued backdrop of another possible Fed rate hike (still really low rates!). Today, silver has tested a...
Just trying to spot patterns and it would be interesting ... and hopefully profitable if this pattern continues
- Rally off long term supportive TL rejected twice at (A) high -> pulled back to (A) 50% fib
- Subsequent rally got to (A) 1.618 breaking through (B) high but failing to push above (C) high --> pulled back to (C) 50% fib
- Subsequent rally got above (A)...
Bullish metals and maybe its because I've missed out on this recent rally but the Range Recoil model predications a medium probability of a decent upcoming correction. Unlikely i'll trade the short but view this more as a clear out of the bulls and hopefully an opportunity to get long at good levels.
RangeA Jan15 - Dec15 18.50-13.60
RangeB Nov15 - Dec15...
COMEX:SI1!
The stochastic is showing a saturated silver market, but by observing the histogram can identify a slight drop in the MACD, however the case of a 4th wave in this trend we risk a bull market in the coming days, reaching higher values for the next week .
COMEX:SI1! Be Aware! The next few weeks will be Bull and I'm optimistic about this, stochastic is growing, MACD lines crossing and the waves confirming that its time for long.
