I like $SIVR over $SLV as it is treated like a stock / ETF and not a limited partnership (LP), which $SLV is a LP (the later is a headache at tax time). Silver has been consolidating in a wide range now for about 11 months as you can see by the shaded area on the chart. It looks to me like it has also established a channel over the last few months and is now near...
We've been here before, though a 4% up day on silver is nice. If we continue up, we may see some FOMO push us up to the fictitious 'squeeze rally'. Or possibly, this was just a counter to crypto's down day. Note here that I trade SIVR because I like the sound of silver residing in London vaults. Makes me sound wealthy. :-)
I drew a couple of trend lines - but my takeaway is that we have been in a consolidation pattern on silver since September. We recently broke above a downward trend and picked up on a upward trend from earlier this year. This may be an entry point as the risk in equities increases. Its something to watch but I'm not sold on this being the point at which we break...
Here's a hedge against the market, today SIVR broke symmetrical wedge going back 2 years. If it closes above the wedge that is a confirmation of the break. Especially true if it breaks 16.91 (higher high) and holds that near tomorrows close. If that happens, best time to buy is sometime tomorrow afternoon. If we can't stay above wedge and make higher high, it...
Looks like SIVR may be hitting a low risk buy point.
1. At the Support line
2. Symmetry of time from low to low.
3. Cypher pattern completing at the 786
4. Gartely pattern completing at the 786
5. Perfect ABCD pattern
6. Oversold on Stoch
7. RSI bottoming out