Still sticking with my original EW counting.
Not sure if the corrective waves is done yet.
It can possibly go down to 15 before it hits TP1 because silver and gold tends to dramatically decrease during recession.
Still in the long run $SLV might have a lot of potential to go higher than ath.
(Elliott Wave Beginner)
1. 5 impulse waves completed (2020)
2. Supporting 0.618 ($20) for over 1 year
3. Volume increased over the past 2 years
4. The massive support volume below $16
TP: $43
SL: $15
$SLV dipping into the most historically significant area of supply/demand; trading below this area represents a break in market structure. Further, I'm macro bullish on commodities as I anticipate a hard landing from the Fed. $SLV worth a bid at these levels.
This is setting up like the last silver run. Nearly identical patterns. Expecting SLV to outperform GLD the rest of their bull runs. Indicators nearly identical as well. NTA
GLD and SLV tend to do well during these chaotic times, with inflation sky-high, Russian attacks, and crypto still at an early stage. At the moment, I believe investing in GLD and SLV is a hedge against risk and has potential upside growth until inflation drops.
Since the Easter holiday, SLV has broken the downtrend line and found a bottom around $22.37. It's...
I anticipate that history will repeat itself eventually when SLV finally takes off. Set-up very similar in terms of chart specifics including Fib levels. Patience required.
What a superb pattern.
Since 2020 SLV proved to climb higher.
Then from 2021 we see a consolidation until September.
In November the pivot was already signaling a potential rise. And now in March we had the confirmation.
I think, after this pump in the market, it's time to load the Boat. A free fundamental sign we got as a Bonus is the inversion of the...
As always, the sharp silver breakout was quickly sold. Support appears to have emerged however at the top boundary of the downward channel. While the constraint of the sideway channel shows upside potential only to 27, seeing how Nickel broke the LME exchange shows what can happen. Notice though that the nickel longs were not able to profit as the exchange shut...
Six up weeks on increasing volume followed by 1 down week on light volume. Held breakout resistance. Indicators looking up. Hi Ho Silver Away! Not trading advice.
slv is trying to break trend and local resistance areas, target is 25.55-27.49 if breakout holds. if its a fake out breakout then expect a move back to 20.33.
like and follow for more! ❤
NYSE Arca
