end of January target is $15.91;
let's see if we can hit it. I'd like to see higher, but not likely in the short-term. I'm expecting not to break $16 this intermediate cycle; but very likely in the next one: come end of February to mid March, I think we then break resistance after a decent pull-back.
HAPPY NEW YEARS TRADINGVIEW!
I figured what better way to start off the new year than to take full advantage of the current sell off in equity markets. In addition to some lucrative short plays, I am really loving the RR of getting into commodity markets.
It's a story as old as time really! Well, maybe not that old, but it is a repeating phenomenon as old as...
Silver dropped more than I expected on my last post (see link below). The longer term uptrend line (dashed ) did not hold but the low from 2016 was not taken out. You can see volume has been up for awhile in the weekly chart. Have positive reversal in the weekly RSI.
Medium term bullish credit spread on SLV ( silver ). As silver attempts to break above 14.35 (spot price) we have a unique opportunity to profit on a 1 month bullish credit spread.
Max profit 14.50
Break even 13.70
Silver FOREXCOM:XAGUSD dropped 10 straight weeks in a row, popped up slightly last week and is dropping so far this week.
Last week's higher close shows a hammer candle indicating a possible floor. The Bulls overpowered the Bears and drove the price higher for the week.
USLV, a 3x Bullish Silver ETF, is poised ready for a pop up with the RSI showing way...
Back in March I suggested we would likely have one more drop in SLV (see link below). Its taken a while but it has happened and the target I had then has been reached. So far today SLV is up 1% on a gap up. May want to wait to see if the current downtrend line taken out. Process your way.
A day late, but I am bullish on SLV (Silver). The triangle pattern is well established.
Williams is the only indicator suggesting oversold conditions right now.
Setting stop loss near yesterday's low makes this a low risk opportunity.
Daily RSI divergence during the low.
Funny enough the low seems to have occurred again during full moon on march 1.
CoT looks better now, compared to december last year. Even more, if I`m not missing something, then this is the first time since march 2003 that large specs are net short.
A close above the 10ema (16,51) today would be another positive sign for...
Silver finds support at $16.2. COT futures data show that the Commercial Trader Short/Long Ratio is down to 1.23. This is a strong buy signal. The COT data can be seen on barchartdotcom and goldseekdotcom. Since USD has shown a lot of strength recently, it is reasonable to cost average smaller positions into this over the next 4-8 weeks. I am long 1 silver...
Spent a silly amount of time on this. Every Combo pattern seemed off until I came across this one.
Wanted to focus only on Elliot Wave Theory. I'm trying to learn more about combination structures WXY and would welcome an expert opinion if any have one.
There's some sort of double corrective structure going on here in Silver, I can just smell it. But can't put...
USLV hast retraced to about the 50% Fibonacci level and completed a gap fill. Looking for a bounce to the upside to test its previous high. We possibly could see another breakdown in price and it fall to 11.70. I have already entered the trade looking for a pop back up. Entrancement corrections can move quickly in-favor or against you.
Target 1= 12.71