Si1! (Silver Futures)
Rio Tinto Nov16Goes against my bulled up metals view but will be looking to short above $61. May the meltdown china induced... writing in the tea leaves?
Massive opportunity in Silver - calling the bottomI am long from 16.50. I DO NOT think prices have bottomed yet.
Gold Oct16 - Decision TimeBuy support til it fails. Currently short silver and think support could get taken out here but not going to short til it breaks down.
Silver Bullish CrabYesterday I said these patterns were invalid due to the fact that they were no where near D with the amount of time left... Oops. It's not right on 1.618 so it's either not quite done down or it was close enough. With action like today, I don't want anyone to take a risk. But trade once you feel/see it's working towards the target retraces.
Silver Potential short opportunity into fresh trend line resistance formation.
Already short see "Silver 3peat?" below
SILVER -- WATCHING PATTERNS FORM, FINISH AND RETRACEALL IS ON THE CHART. JUST WATCHING, LEARNING AND TRADING.
Silver's testing a historical techical pivot, NFPs/Fed in focusSilver prices have retreated in August, but the rally so far in 2016 provided several technical buy signals earlier this year. These signals suggested at the time that the market's stance on silver, and precious metals in general, was shifting despite the continued backdrop of another possible Fed rate hike (still really low rates!). Today, silver has tested a huge technical level at $18.50 that should not be ignored. It's tempting to initiate long positions above this pivot, which has served as both resistance and support since 2013, but such a strategy obviously depends on a rally at the end of the week following the US non-farm payrolls report. If you are to trade silver before then, I suggest making sure you have adequately calculated your expected loss in case of a breach below $18.30 (or $18.00 if you have more risk appetite). Theoretically, renewed buying pressures above $18.50 after this week (poor NFPs > delayed Fed hike) would suggest the end of the current price correction with a rally back up to $20.60 in September (and possibly fresh highs during the 4th quarter). A break below would give us a more neutral technical situation with a possible test of the 200-DMA, which is currently at $16.40). I would be less inclined to follow such a continued correction as I much prefer the current clarity that the support at $18.50 provides given the overall uptrend since the start of the year.
Silver 3peat?Just trying to spot patterns and it would be interesting ... and hopefully profitable if this pattern continues
- Rally off long term supportive TL rejected twice at (A) high -> pulled back to (A) 50% fib
- Subsequent rally got to (A) 1.618 breaking through (B) high but failing to push above (C) high --> pulled back to (C) 50% fib
- Subsequent rally got above (A) 2.618 and almost to (C) 1.618 but failing to push above (D) high --->
??? pull back to (D) 50% fib ???
Silver. Wait for the end of consolidationthe metal is still has room to strike - maybe the last time before larger consolidation.
Silver July'16Bullish metals and maybe its because I've missed out on this recent rally but the Range Recoil model predications a medium probability of a decent upcoming correction. Unlikely i'll trade the short but view this more as a clear out of the bulls and hopefully an opportunity to get long at good levels.
RangeA Jan15 - Dec15 18.50-13.60
RangeB Nov15 - Dec15 16.35-13.60
For RangeA the recent rally has but this close to the 1.618 potential resistance. RangeB broke north and rally exactly to 1.618 pulled back to RangeB 50% and recent move took levels to RangeB 2.618% resistance.
Similar behaviour on both ranges; rallied to test highs and pulled sub 50% fib. Range 2 did this twice.
Model therefore predicts a correction to $15-16 before we head $22-25+
With all the attention and optimise for metals it seems tough to envisage such an aggressive pull back to the 50% fibs but then again this over zealous interest is probably the perfect setting to clear out weak length.
SI Neutral AnalisysCOMEX:SI1!
The stochastic is showing a saturated silver market, but by observing the histogram can identify a slight drop in the MACD, however the case of a 4th wave in this trend we risk a bull market in the coming days, reaching higher values for the next week .
ConfirmationCOMEX:SI1! Be Aware! The next few weeks will be Bull and I'm optimistic about this, stochastic is growing, MACD lines crossing and the waves confirming that its time for long.
