SILJ trade ideas
Silver miners are looking good.2 possible counts.
The green count seems more likely because I see 5 wave subdivisions within the larger waves. We just reached the 1:1 fib extension and if we can continue upwards through there, our chances improve that this trade continues upwards.
Breakout will be confirmed if we reach $11.60
SILVER IS HOTTTLet me be clear that until we break to new highs (~11.60) with confidence, there is risk still for one last pullback to (~8.90).
However, the fundamentals are lining up for silver to go parabolic, whether that happens immediately, or the beginning of next year.
My long term target is in the $20's
Silver miners - LONGThis chart might tell you when market sentiment starts to change. Could it come back down again?
$SILJ W,D W: reverse trend in progess, if more caution needed, watching for the RSI mov.avg over 50 too
D: June 2016 trend line broken for uptrend, currently OB
Buy SILJIts early (downtrend still intact) but SILJ is setting up a potential flag. Above $13.50ish and this is a monster pattern. For those with a tolerance for risk the risk/reward, even before the breakout, is compelling.
