Welcome to the Silvertrading Yahoo Group
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Posted an idealized chart on Stocktwits under dave3444 / SLW. Note the low price Thursday was 1/4 th the range down to 22.79 suggested by Cowboy Friday . . . short may be good until Wednesday ., just posting Wave C down
Started an Yahoo Group, those interested may join to view and post charts ,chat etc https://groups.yahoo.com/neo/groups/silvertrading/conversations/messages
Guess its called silvertrading and the conversation is slw, just learning and made startup post.
Let me know if you can view the chart from the above post by pasting it into the address bar.
I followed Cowboy. to 22.79, if we go that low, price may go down into Aug 8th, the 10th is the next Full Moon, a super moon, the closes to earth we will have this year . . . I do see 24.38 as a possibility if W 3 of C only makes 25.32 .. Have a great weekend all, out for a while
sandybeachdave, retraces have been deep since the high of Aug 27 at 29.17, the difference now is now price is likely in an EW III of 3 wave, these waves often have characteristics like gaps and lower retraces than other waves, silver related stock seem to gap a lot anyway but 3rd waves are know for it - - - that is why I was asking about the possibility of 27.66 being the top of W3, a W4 would likely retrace a lot less than a W2 and a W4 of 3 would be less likely to fill any gaps. Cowboy, the 72 days for total wave length comes from 58 calendar days (tomorrow) since 5/28, X 1.272 = 73.77, the 74th day lands on a Sunday, so Friday the 8th of Aug or Monday the 11th of August is my targets . The Gann 72 would come from the Sq of 12 = 144, ie in this case 6 X 12 =72 - - - - 58 X 1.5 = 87 and 58 X 1.62 = 93.96 are possible as well, will look into these timeframes.
LOL, So you can teach me what you learn of course ! Anyway its not too hard, here is the data, 72 calendar days, 20.03 is the low. 32.34 is the high, Divide both the time and price ranges into 1/8th. Then you can use a straight edge to see price intercepting the time lines and price levels Start date 5/28 , end date 8/8
sandy beach dave, got any suggestions on how to tell the depth of the C wave, 50 and 38 % don't fill the gap and 62% seems too deep. I'll be watching RSI at the end of what I think is the III of C ( 25.50 ??) to see if it increases with price still decreasing, but RSI doen't seem to always work. May sell at 25.50 if things look right and go long for a few hours.
There, a thumbs up on a good call of the retrace. Do you expect the retrace to move below 24.74 ? If so, where and why, we love the details, even if they are wrong, we all are wrong often enough that is doesn't matter if one gives a valid reason for the expected price or time frame. Each of us has to decide what is the right decision for our own trading anyway.
sami, the EW reason for the retrace is that stocks in an uptrend go up in 5 waves, stocks in a retrace go down in 3 waves, ie A B and C, if the EW count is right we have been going down since the end of the B wave at 26.87. The C wave may end about 24.74. a 38% retrace is about the least to expect after the run up we had to 27.66. If we only get a 38% retrace that indicates SLW is a strong stock, often stock have a 50 or 62 % retrace from a high. Targets for the wave up after this retrace are 27.66 , 29.70 , and 32.34 . . . Cowboy, thinking 27.66 may have been W3, W4 at 24.74 and W5 at 32.34, just an outline . . . . the above prices may be the w i , w iii and w v of the W 5 I expect to run to 32.34, would make for some good trading if that works out. Aug 8th ???