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Silver Wheaton Corp. Message Board

  • chemaes44 chemaes44 Apr 26, 2011 3:15 PM Flag

    Step back and wait

    The day before the blow-off top, I indicated I saw a first signal for a correction. Honestly, I didn't see the extra three dollar rise but I trust that my signal was still correct.

    Hadn't posted here in a while about a correction...I think.

    It's irresponsible to say good buying opportunity here.

    It isn't a good time to buy until you see what happens wednesday afternoon.

    The technical damage is all over the charts. if $44.65 silver gives way and the price falls down through it silver is opening its self up to between a 15% to 35% correction.

    does it make it to these levels? no one knows, but I'd suggest not bottom feeding here. let's say tomorrow you find out today was a bottom, oh well, so what you missed 1-2%. The downside risk outweighs that 1-2%.

    further technical damage will trigger cascade stop's that each become new resistance, and with sloppy sellers trying to get out, the price will be pushed down by some who are holding 80% to 100+% profit wanting to preserve it, causing further cascade stops. this will feed on itself. This is historical what happens.

    i am 97% cash. i have 3% short in a double etf. this is lunch money. up 11% since yesterday.

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24.33-0.08(-0.33%)Oct 21 4:02 PMEDT