Sharpie, Cowboy, and other silver TA folks, Have a look at Michael Noonan's article "Silver - Charts Offer Most Reliable Information, Period" over at SafeHaven punction commercial. It is a pretty good read suggesting $20.50 as resistance and silver trend being down for an indeterminate amount of time from chart data. He explains fairly well this to be the result of manipulation. This supports what many have said on this board that manipulation is overriding charts and the manipulators want PM prices checked or lower to support their control of the entire financial system. Seems to me it is lack of law enforcement. Rule of law is not in the interest of the government, only select enforcement. Until we get law enforcement, we get manipulation.
I believe another factor working against chart interpretation is HFT. It is way more than half the trading volume and nothing more than mindless computers trading with each other. I thought markets were for people to trade, willing buyer and willing seller. If people trading is less than half the market, then TA is trying to predict algorithims and their programers, It sucks, but it is what it is.
I think all trades should be input manually. This does not prevent anyone from sophisticated computer analysis, but it does prevent front running by machines. I doubt it will happen as the exchanges are addicted to the volume and have no desire to establish fair trading above profit.
I saw the article. I cannot argue with his logic, but logic and TA gets thrown out the window with this manipulated market so often. AG is not en vogue at the moment. It all can change rather quickly as it can go up just as fast or faster than it has gone down. imo SLW is a buy under 20.00...I say if what sharpie says in that SLW gets to 21.88, SLW will crawl at least a little higher to 22.59, which would present the next hurdle for a continued upward move if it can climb a little over that. Good luck to everyone!
Agreed, think I posted 20.40 / 20.50 area was where C = A silver target, should send SLW to 21.60 / 21.90 range. Reference : 11 / 14 / 2013. . . SLW 21.83 / 22. 44 ...... Silver 20.56 / 20.77 .... 21.88 is what my latest chart calls for.
Repost. . . . Silver futures are coiling, ie they have written three sets of EW one two s, preparing for Waves 1, 3. and 5 in this Wave C of 4... a good thing. C = A at 20.68, about the middle of that consolidation back abt the middle of Nov. hope it makes it!