Sprott Silver ETF on the Weekly chart
-massive cup & handle, patience should be rewarded
-break out occurring on the handle trendline
None of this should be interpreted as financial advice, I am not a professional or certified financial adviser! all charts, and or analysis' are my personal opinions and observations only!
PSLV weekly and daily charts looking a bit extended = time to book some profits. Will leave a little sprinkle on to run just in case - but mostly move to cash and re-enter after a pull-back.
For longer term timeframes I expect that silver will continue to move up …eventually, but likely needs to cool off first. COPX also looking topping here...and copper...
Not much else to say except
a buy zone near 3200 and .382 chosen from %
Target for $PSLV is 31$ ....
Sprott etv's are heavily weighted to the price of silver, which for decades has been accumulating in extremely complex impulses and wxyxz corrections.
The book that I learned wave principle from contained a late 1970's prediction based on the massive...
Please leave your feelings at the door.
We are here to art charts and live large.
Silver is in an objectively observable Bear.
Zero yielding rocks, down. Tech with utility, up.
Raw Truth
TVC:SILVER
AMEX:PSLV
FX_IDC:XAGUSD
COMEX:SI1!
AMEX:SLV
Plenty of talk of Mints raising febrication costs, shortages, premiums. Most of the WSB "squeeze" trapped buyers have probably exited during this correction.
May be time for a squeeze that is lasting.
PSLV has bounced from the weekly level that I had been eyeing for weeks, where I have been compounding again and again.
Today it seems to be officially breaking out from the CC range too. The fib time levels also working nicely imo.
I’m starting to invest in silver because it’s gonna go up.
Reasons are
1). It’s a finite quantity
2). Industry uses it and is currently needing MORE
3). It’s Pretty
4). Some Jack-asses shorted it, so when it goes UP, they have to buy MORE, creating a “short squeeze”
5). Tah-Dah!
The top of this chart is the ratio of PSLV price to XAGUSD (Silver spot price). PSLV holds 0.361 Ozs of silver per share/unit.
Lines are drawn for P/NAV=1, and at 1 and 2% premium levels.
Since PSLV is a closed end fund, it may trade at a premium.
However, PSLV has a shelf offer allowing them to add shares/silver, which they have been doing.
By...
Quick, fun, 10 year look at the silver price monthly. Post Covid Interest is remarkable. Just a silverbug take. I'm long and biased!
Eagerly anticipating additional support as the industrial beggars enter a future where they will bid to my HODLer brethren (monetary understanding) askers.
@Badcharts1 @TradingView
PSLV is another vehicle I'm using for my long silver trades. I like it because it it redeemable for physical silver in small increment than SLV and the share price is lower. More or less identical chart to SLV and looking like it may gap up tomorrow by 4-5 %. Resistance should be found in the 10 - 10.50 range. Look for a pullback entry or wait for price to...
A potential cup and handle pattern was forming around a possible wave 2/wave 3 transition that would have finished in a bigger move that roughly lined up with $50 silver around the end of the year.
The initial move off the March low didn't follow fib levels but does resemble a 5 wave move followed by some consolidation so it was primed for a move which is the...
- Dip then Bull Run Q3 and Q4 2021
- Probably corresponding to the Caronavirus spending watering down the dollar. BTC should also run during this period.
