Strong Headwinds of higher interest rates and the potential China trade deal kept pressure on SLV this week. The correction continues and can continue to drift to the moving average. Still, the longer term outlook remains positive as prices continue to hold the 50% retracement level. The next target remains the 1.23% Fibonacci level close to 20.
On the short term, it appears that SLV has completed wave 4 and is now starting on Wave 5. With the Fed announcing what amounts to QE4, precious metals rallied higher however there is still overhead resistance. While lower prices to the lower channel line would be temporarily disappointing, it would be a great opportunity to "load up" on cheap calls. Following...
Sadly, this adventure wasn't as long lived or profitable as I had hoped, but chances are the boat has been seized by officials and we shall never arrive at the 'X'.
(What I dislike most about this chart is the amplitude of the RSI peak. It is comparable to many of the previous peaks just prior to impending collapse. No point trying to catch a falling knife.)
One can never really tell how elaborate corrective actions can be but it does appear that an impulsive move up may be what's coming next. The next major price target is the previous major high around 19.77. It's possible however that this target might not be hit until early next year. With that timeline in mind, I have been adding to 2021 LEAP call positions on...
I have been taking this opportunity this morning to add to my long term position. As you can see, the monthly trend is still up with higher lows and higher highs. Today is month's end so as long as we don't go below today's lows tomorrow, the monthly trend is still intact.
On the shorter term view, looks like a normal correction in progress. Hey, if you want...
If SLV closes at 16.30 or better today, could be off to the races tomorrow. Today's low is a penny above Monday's so thinking that we will hold here and begin impulsing higher tomorrow.
Still holding an uptrending channel. Holding this level would be super positive, setting up for a wave 5 move to the top of the channel. By rule, Wave 4 cannot breach Wave 1 so while lower prices are still possible, impulse waves generally conform to the channel. As my long term outlook is for eventually testing the highs, I was buying Jan 2020 and Jan 2021...
SLV had every opportunity to head down much lower today but upon filling the gap, prices immediately reversed. Analysis: Successful three day test of the low. Price should now rally to form a three week test of the highs. While daily closing prices might be higher, the weekly target price to surpass is only 17.15. Possible rally could/should move into the...
Perhaps another shake out coming tomorrow with Fed talk coming tomorrow. Still long term bullish but grabbed a handful of cheap SLV puts at the close today just in case volatility strikes again
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SLV
