From Reboot 5.0 8-29-13:
This intraday chart is looking like silver is heading for a correction, and I don't think it is over just yet. I am working silver as part of a diagonal, but gold I can fit into a good impulse. This correction could drag out a bit but if we get a fast "ABC" crash down, then I would instantly turn bullish once more. Silver is far from finished the bull run, as it has a long way to go, so hang on for a wild ride!
The Head and Shoulders looks menacing, but I find they fool the bears much more often catching them in bear traps. Of course the trend jumpers are getting kicked off right now, as their sell stops are being hit.
Silver has been traveling north at about $3.25 per month, and at that speed silver would be at over $55 in just 8 months. I am sure we will see faster moves as August clearly demonstrated what silver can do.
This analysis is completely consistent with what I've been calling for over the last few weeks on this MB. I think the technicals are pretty clear at this point.
probably some weakness this week, and likely a test of +/-$22.50.
Resumption of the bull trend by mid September, with some resistance at around $26/27.
$32-35 by the end of the year, possibly as early as late October if the Fed pushes back tapering until next year.
$60 within a reasonable time frame, dependent upon the severity of the macroeconomic factors.
I will be trading aggressively, using AGQ and ZSL, based on the above analysis. As always, watching for confirming signals along the way. If the signals change, I will change my strategy in a heart beat! No pride here, just greed.
As always, I will be buying physical silver during consolidation periods, and posting my trades in real time on this MB.