It appears that Silver has seen a 5 wave move up, and is currently
in the process of correcting this move. I am looking for an initial
target area as highlighted on the chart. This could expand lower
should the correction entail more than a simple abc zz.
An apparent diagonal suggests that we will be
seeing a retracement move down in the near
future. Looking for turn down on smaller
TF (ex. 8/34 cross, etc) to trigger short.
Will be looking to reenter long once
The price action displayed can (I believe) be viewed from several different
perspectives. I have outlined several for consideration. It appears we
are very close to the moment of truth here, and that the market will
have to tip its hand soon. Personally, basis the MAs at this juncture,
I lean toward the short side until proven otherwise with a needed
I believe this apparent false break deserves consideration.
We had a strong reversal on this bottom retest, and suggests
to me that we may have a nice move to the upside ahead.
This pair typically does well in concert with metals rallies
which I currently anticipate to develop as time goes forward.
This is something you may want to look into if it fits
I couldn't help but notice the pattern having
spent a lot of time looking for these in years
past. Some may be familiar with these. For
those who are not, there is info out there
readily available. I would start with
Jerry War's work which I followed closely.
I urge anyone who finds this of interest to be sure
and do their own due diligence! This is NOT
investment advice, merely a technical look
at what may be an opportunity, As I highlight
on the chart, for full disclosure I currently
hold shares of Sibanye.