Appears to be in the final stage of a wave 3 with one more rally to test the highs. Then anticipating a wave 4 of a similar time frame as wave 2 with an alternating pattern. Then on to test higher resistance levels.
Another massive bear channel on a longer term. We are not in a bull market yet. still looking for another leg down. Too much hype and positive sentiment on Silver and Gold.
After a healthy run, some consolidation can be expected. Here's a channel that appears to be forming
Could be that we have just completed a wave 5 finishing off a wave 3. The current downturn may be signalling the beginning of Wave 4. The last correction, wave 2, lasted approximately 3 months. Sometimes wave 4s can last a long time and display many different formations. The eventual Wave 5 should challenge the last major high, just under $20. I'm...
Hello Traders, There has been a lot of talk about the precious metals recently (Gold / Silver) with many different reasons for the resurgent interest in precious metals ranging from the classic "store of value" to "finite resource" to "growing lack of trust in fiat currencies". From a Fundamental Analysis point of view I don't really know anything about Silver...
It appears that the long correction in the silver market is over. A bull market in silver could see prices reach over $100. Only a matter of time and patience.
Silver is at an imminent breakout zone years in the making. This likely might just be the trade of the year is not the last few years. The equilibrium is getting very tight with SLV making it's first weekly higher low since December 2017. Furthermore the macro fundamentals are very bullish for precious metals. The Feds also recently reverse course on rate...
I said silver (SLV) was going to rise but it honestly has shocked even me. Lately it had the momentum of a runaway train and even started going exponential with several gaps up it now has to fill, but when it blew past the second blue top line (a long term overhead resistance going back to 2015 if you can believe it) I was truly shocked. I sold a lot of positions...
Can you imagine not being long on SLV Doesnt get much easier than a daily double bottom inside of a weekly double bottom But most people rather wait till the $40's ;) *This is NOT financial advice*
Buy the pullback
Expecting a pullback before re-entering a silver call. We'll see.
SLV is exploding up in past days. A longer-term view shows the massive 2015-2018 double bottom. To confirm the double bottom, SLV will need to break above 19.82. There's a gap above the 25 level, a likely target. A successful test of the breakout level will likely be the launching pad for much higher prices.
Silver has a long way to go to catch up to Gold so price may easily break through previous levels of resistance. The gap above 25 seems like a good intermediate-term target.
I am still a believer in the gold and silver market but I finally sold all of my silver in gold due to the potential of a big pullback.Yes I do expect a big rally after the pullback!
Itrust Silvershares went up another 4% today after fears of a global recession hit the economy. Gold is also up. In comparison to the gold-market SLV seemed to neutralize, but now the break-out of the previous pattern seems confirmed.
Mostly I post these privately for my own use, but you can count me among the silver bulls. Trying to refine my TA a bit but was happy to see my first target hit on XAGUSD (and SLV) today. Expecting a ST pullback before next target is ~$18.50. This would correspond to somewhere around $17.00 or higher on SLV.