With the election and fear and intelligence both approaching, smart money will pull out of markets or transfer it into Silver or Gold, two symbolic gestures. With some options activity scanning, these are my predicted lines on Silver.
The wave count suggests we should see one more push lower to finish a 5 waves drop as part of wave (c) of higher degree wave ((iv)).
A drop below 21.60 could get things on track and we finally could see price drop for fifth wave.
This correction has certainly been difficult to deal with. I've outlined two possible scenarios, though I lean more towards the bearish one. If SLV breaks the multi-month (magenta-colored) support line, I'd say we're heading down towards th e~$17.50 level where there is also a volume-defined base. However, if the support holds, we could get a "W" shaped ST...
AMEX:SLV Expecting some trouble ahead at $24.24 but once we clear that, we should re-test $27.
MACD crossing over and curling back up points to bullish momentum.
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... for .48/contract.
Notes: Selling some more SLV (30-day at 47.7%), as well as collating my "ladder" into a single post. Will add in a December monthly "rung" once that becomes available, assuming the volatility hangs in there. Collected 1.74/contract in total.
Here's the way I look at this trade relative to one put on in GLD:
Currently, GLD is trading at...
#SLV #GLD Caught the bullish trend lines out of a break to the downside from the triangle pattern. Looking for either a break to the upside or downside. Keep an eye on the #DXY. An increase in the value of the dollar will put pressure on all assets including gold, silver, stocks etc
Closed at just at the trend line and a major confluence point.
The trend is clearly down from the 8 hour view.
RSI just broke up trend giving a big warning sign. RSI trend breaking is normally a LEADING indicator which could mean trend line break for the price line.
SInce this is 8 hour chart it would carry more weight for sure.
Disclaimer, this is only...