SLV is in fact in a precarious position.
The 50 day moving average is about to cross below the 200 dma and although it's not always a sell signal, it is about 95% of the time so beware ;
Fed doesn't want a strong dollar.... Fed wants to destroy commodity prices.
Pick your conspiracy, really, hard to do both. Those are not fundamentals however.
$45 is a good a throw of a dart as any I can think of but I can't really judge that, I don't pick price levels.
I just chart the support and resistance lines and see how an equity reacts when it hits it. I would never have said, I am selling at $33.53 because that it resistance, I did however, watch that area like a hawk with my finger on the trigger.
Yes I think the dollar will bounce a bit though I don't know if it will be enough bounce to be called a reversal. The trick is I don't come up with a preconceived notion and stick my trades to it. The market is fluid and often not logical at all, trying to out think it, usually gets you beat.
there is no charting metric that is anywhere near 95 % predictive. If one squeezes out a 5 % edge is is doing well.
Further complicated by how you decide to measure it's predictive accuracy....sell and be right the next day, next week, next month....what ???
Can't argue with that.
Charting techniques are useful, gives you a good idea of what to look for and where certain reactions are more likely... but as a truly price predictive measure, maybe, just maybe they give you a very slight edge and maybe not even that.
This guy is nothing less than dangerous(and borderline criminal?) when it comes to money management skills.
He's only looking at the left side of charts he has cherry-picked, without a realistic consideration of the right side of the chart or the meaning of trading confirmation of the right side of a reversal.
He also grossly underestimates the hubris of politicians, further adding insult to injury.
I cant even get on the US mint website to buy coins. The traffic is so high that it doesnt load. SLV may be in the toilet but everybody wants Eagle coins. Coin dealers are paying customers to buy coins for them! Something is going on.
To be fair, the Death Cross signal is still valid. The Death/Golden crosses tend to be longer term indicators (particularly the 50/200 version). The best way to cancel it out is to rise above the crossing averages.
That is the same thing that UUP experienced (well the exact opposite but same difference), they had a Golden Cross but were trading under the averages.
Here is the last time Extreme called for a silver plunge during a crossover of moving averages:
How'd that work out for ya Extreme. (Hint: Silver rallied 20%).