Check out this level all the way back to the gap dn 6/20/13 . Likely it is the Gann 1/8th level of the run up from 17.75 to 44.79 ish. Many support / resistance points may be observed along this level. the latest , yesterday. Cowboy, what's the count? I , II , i , ii of III ?? Or is Wave III extending with two sets of one twos ?
Well, we are above $21.13 again, but we are also against short term horizontal resistance around $21.50. It will be interesting to see how this works out given we are in a generally down period of the year.
Thinking 21.50 , then 22.40 tomorrow. May 21, 2010 , June 16th 2011, May 16th 2012 , and June 26 2013 last few years were pivots up. May 28th this year seems Ok. Doubt price ever goes below 21.13 again, but we will see when we get the retrace from 21.50, Gann resistances are 20.78 , 21.55 , 22.33, 23.13 , 23.93, 24.75 , and 26.44 in 15 degree steps from 20.04, 22.5 degree steps sometime work but Silver seems to like the 15 and 30 degree steps
Hello Sharpie. Been really busy the last few days and so my apologies if I have missed any posts directed at me. But at a quick glance, it looks like we are in your first count which is the I, II, i, ii, of III. Wave III will peak at a minimum of 22.44 or higher (using price points of 20.03 - 20.95 for Wave I). If we are in an ABC up though and have one more leg down, then we would peak at 21.87 and either come down for a double bottom or maybe a large (double bottom 100% retrace at 19.33.
I think we are in the first scenario where we will go to the 22.44 and are in an uptrend now for a few reasons. First, we hit the 78.6% time retrace on Monday (06-02-2014) and that is a typical W 2 retrace fib. Things to pay attention to are 1. Volume 2. Price (ie...the 21.87 or the 22.44) 3. The EW type of pattern (ie... meaning that if it is a five wave structure (which is an up trend) or a 3 wave structure (which is an ABC trend usually indicative of a corrective retrace / counter trend type pattern). But this is crucial, in an ABC retrace pattern, the final C wave will always end in a 5 wave structure. I know that sounds a little counterintuitive saying that an ABC is a 3 wave structure and then saying that the final C pattern is always a 5 wave structure, but once you get the hang of it, it's easy to spot and makes sense. I am going to stop typing now, sometimes thoughts just get carried away and fingers don't stop typing. :)