One thing I would recommend is to buy SLV instead of SLW here. If SLW breaks higher it will be because silver and gold are breaking higher and if SLW breaks down it will be because silver and gold break down. In either case you will make more on the upside in SLV and lose less on the downside because of the huge discount the physical is trading at currently to the streams.
SLW double bottomed around 19
then it based for a few weeks
it has then started a new uptrend after 2y of bear market
26 28 is res ,it's consolidating last few days here,before another leg up tp 32 33
Hi Sami, it seems as though we are in a Larger Wave 4 pattern. This is usually a long straight horizontal line and take a while to coplete. Usually a Wave 4 will break down to either 38.2% or 50% of the prior run up (but I have not seen this occur yet). Additionally, this seems to be a complex Wave 4 pattern which means it is harder to discern any particular rhyme or reason as to typical patterns. Then we should complete Wave 5 up. We have been range bound here (roughly between the 25.12 - 26.36 area). What I am doing is playing the range. Buying when we get sub 25.30 ish or in the 25.30's and selling in the high 25.80 or 25.90's. Then shorting when it's up there. I'm using very short term EW price charts with fib numbers to sell my longs or to cover my shorts. Eventually the pattern will breakout one way or another. There does seem to be a slight uptrend bias, but that W4 retrace is still poking at me in the back of my mind....lol. Sorry if this isn't the T/A hard numbers that you're looking for, but sometimes it's like that within certain time frames (usually W4's). That's why I appreciate all comments from everyone on here. Again, good call on the flag pattern Kaz and thanks for your insight SandyBeach, and thanks for your post yesterday Sharpie (reminding us that it still is range bound and has not created a higher high and that indeed a W ii pattern can retrace 100% without violating any EW rules.
Bear is back home! Still thinking the Wave 4 can test 21.32 . . . 21.94 and 22.25 being possible targets , but the time frame has to be extended. Silver RSI continues to erode on the daily chart. EW count = A B I II i ii, the same as posted before, only difference is the wave ii went complex, Great trading Cowboy and the rest of you playing these swings, had to be out of town so glad I didn't try. Thinking of shorting the first retrace if price goes down in the morning.
I am gaining more confidence the worm has turned WRT SLW price direction. Over the recent past it seems that market down days are generally bullish for PM's and PM stocks and days with positive market movement and negative PM pricing, PM stocks are holding their own or moving generally higher, suggesting they are gaining some pricing power with market participants. Kaz noticing the bull pennant is a good catch, Kudos. Also, the moving averages continue to improve WRT price direction and working into sync. This is not a prediction for the day or week, the folks with more expertise in TA need to opine on that, but it is my thoughts for the near term and longer. I am adding to my long position on pullbacks and have purchased a few PM stock LEAPs.
SLW still building a bull flag here and betting on breaking higher, that is what the technicals are saying. It still isn't buying the silver slams to this point. Until we break 24.80 on a close you can buy every dip.