Double bottom for silver timed perfectly with SVM earnings. Both should rachet steadily upwards from here. Shorts starting to feel the squeeze. Pressure's on.Great buying opportunity.
since 2009, svm has hit or come close or just under the 200 day ma five times A strong rally followed in all cases. The RSI hit close to 30 in all five cases as well. Rsi is now just under 30, just like January 2010 and 2011. which guarantees strong rally very soon.
Also we got the panic bottom capitulation on thursday. Also, the spx has been running 8-9 day cycles. Just finished the down and next week will be up. The dollar hit the upper bband and stochastics overbought so it should pull back or sideways next week
If SVM and silver can "consolidate" here for the next month or so it is all good! Seasonal strength for Gold, Silver and the Miners starts in JULY! look at the five year charts.
The market is scary but I am holding here and if SVM drops below 10 I am backing up the truck!
I have started backing up the truck for a rally into June. But if it goes down from here no problem I will back up right to the fence.
No point trying to pick the bottom, anywhere around $10 - 9 is ok....this is a reliable trading share and can pop anytime from here.