Ratio chart of SLV /SPY. As you can see SLV is flirting with a breakout from a long standing trend line in a tight bull flag pattern. Volume is tracking with heavy moves up and light moves down. We have a rising 50 day ready to make a golden cross. I like SLV to break out and move quickly to the upside over the next few weeks and perhaps even months. Gold...
Silver looks attractive. I was anticipating a three week test of the low, testing 17, but even with the Fed's remarks that aggressive interest rate hikes will continue, silver held its ground. Saw a piece yesterday on seasonality in precious metals prices. The author suggested that silver is seasonally strong from November through the end of February. The...
I'm looking for a down week in SLV. It could drop to $17, testing the lows set three weeks ago. If it holds the lows,
I will buy SLV at $17 and sell the March 31 $18 option. A
t current prices, SLV Mar31 $18 sells for $152. Amortized over five months, a 1.71%, or $30.19 per month is earned (27% annualized). A lower stock price will improve this percentage.
The History of the Gold-Silver Ratio
Citation: www.investopedia.com
Historically, the gold-silver ratio has only evidenced substantial fluctuation since just before the beginning of the 20th century. For hundreds of years prior to that time, the ratio, often set by governments for purposes of monetary stability, was fairly steady.
The Roman Empire...
Bullish. Short term. Buy at $18 Sell 18.30. Traders are starting to get bullish on silver again. I have been watching both silver and gold. Materials should gain momentum starting this week.
Look at it. Its hit the bottom of the arc. I bought hard, but at the same time its going to take 2-3 years to double. So make sure you have a comfy sofa to watch paint dry.
Just another way of looking at a fulcrum (W formation) -
Current move down can go below prior low, or hold above,
either will work with this pattern. Key is to reverse
and break out above the "Back". Initial target is
the "Tail", and with follow through, the Ext. Tail.
Of course, PnF will have its own targets to add
for possible confluence. :o)
While many people have started to turn bullish on $SLV, stating it's undervalued (which it very well may be), looking at the chart tells a different story. If you zoom out, SLV looks to be correcting still.
I see three possibilities in price action from here, and all lead to lower prices in $SLV.
While there may be a squeeze higher in the short term, I can't...
Short Term Bounce Back, due to oversold Technicals on Silver possible.
We have divergences on the RSI and EFI (Elders Force Index)
We have found support at the 0.5Fib from Covid Low to High
Silver got decimated in the past weeks, so might be due for a bounce.
No investment advice.
I enter on a green candle based on Elder Impulse, will buy a two times...
Silver comes right back to where it broke out in 2010.
The 0 to 5 count could be complete, exactly where the Lower Medianline (L-MLH). is catching price.
Now we don't just jump the gun.
We wait for a signal, a change in behavior.
Put your observation hat on.
For a few weeks now I have been watching the key Support of 19.42 on AMEX:SLV which corresponds to 21.00 on Silver Futures COMEX:SI1! :
This is a long term Weekly Timeframe support established by the COVID Low through February 2021 High. I made a video about this High then because around the financial media there was a meme encouraging retail traders to BUY...
