Down from todays high. SLW looks 5 waves up! and at May and June resistance. I know I wanted to be bullish this week, but I can't make it! Bought puts this afternoon. Lets hope for a quick retrace and a return of the uptrend.
I've been long since 19.47 (yes for those who know me, I actually held it overnight for several nights in a row)
The strength in silver is absolutely nuts. It's been years since I've seen strength like this. Contrary to all the pundits and their babble, silver has lead everything up. No the miners haven't led silver, no gold hasn't led silver, etc. The bids are mind boggling to me.
I have a first target as $21.862 on silver but the models I've drawn up suggest that might be a pit stop towards 22.89 silver - the most bullish call I can make. The greater probability trade is for 21.86 to be reached then a pullback (why? a model I came up with suggested a gap above 20.616 sunday night and since this happened, it is the model to track closely).
Another scenario points to 22.00 being reached if there is a close above 21.421 today.
What's intriguing about this move is it's happening in the best time of the year for PM's Aug/Sept, with a flood of speculative news and fundamental news supportive of the price (ie, china has now become a bigger consumer of gold over india, Diwali in India, JP morgan physical comex stock, COT commercial short liquidation (net long), etc.)
Won't the earnings report superceed Silver technicals? I mean if they whiff, report lower streaming from their contracts, Barrick problems, etc. Doesn't that spell Doom back to $17-19? Im begrudgingly long after many years but feeling quesy here??!!