We are off of a perfect V reversal that also forms a reverse h&s that targets right around 21.2. If history repeats we will have a similar pattern to 2016 with the final rally coming in June.
Long until blue down trend targeting 17.8, will then look for pull back, reentering later in the year.
Ill check back at the end of January.
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17.5 is the safe target, maybe catch the tailing end of break out , dont chase.
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Warning resistance found 17.19. Wait for pull back, BUY 17.00!!!
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A retest of blue downtrend in the making. Just reentered silver long looking for to take profit around 17.7 before entering a short.
I have been enjoying looking through your charts, nice analyses. Did you end up buying 17? If so, nice work!
thesilverbullet
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@SharkbaitAl, I had exited a long trade at 17.19 because I saw some major resistance, then shorted, but the market found amazing support at 17.00 and along with gold they are pushing towards an imminent breakout to the upside. maybe the breakout will be down but if the market was going to correct down from these levels the correction should have occurred last week while equities rallied. The price support is phenomenal. Stocks went nuts gold and silver stayed put which is unusual. I have gone long again as I believe we are going to have one more leg up in this move. 17.8 silver, 1350 gold, 76 gold/silver ratio. Then most likely we can short from back down to 17.3 - 17.0 range and put in a nice big long to hold on the way to 19. Long term indicators are going to start massively pointing bullish on gold and silver has a little catching up to do this year. Thanks for the comment and hope for you the best.
SharkbaitAl
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@thesilverbullet, I appreciate your detailed response. That sounds like an interesting scenario and on the whole I am looking for about the same moves (for now, anyway). I will be looking forward to seeing how this and your future analyses play out! Best of luck to you as well.
dynamiquebd
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lol. really tempting not to chase. i also noticed the close of the last candle stick
thesilverbullet
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@dynamiquebd, if you look at gold on the daily chart the breakout should continue for the next couple of days at least. once gold hits around 1324 I am looking to close out final trade.
thesilverbullet
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we could also see a scenario that the gold price goes to 1400 quickly in January. The bear market it looking to end any minute and a HUGE breakout like gold going to 1400 would be the point where the bull is finally back under gold.