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.
You should stop and consider silver may do whatever it's going to do independent of anything Bernanke has to say.
Consider margin raises in asia and north american muted further upside. Consider technical damage should not be ignored because once the damage is done, automated selling or buying occurs.
No one is sitting there in a technical fund saying "oh, if bernanke does this, I'll do that", the computer sees it's price objective hit, and it just executes buy or sell. Technically, a long position is on the wrong side of what the technicals are saying.
But you are right, this difference of cordial opinion between us is what makes a market.