I am not an elliot wave expert but I think I see with enough clarity what is going to happen big picture with silver between here and about $22 dollars that I can try and do a trial run. I have the fib retracement as back up and the flag pole, falling wedge and falling wedge target as backup. The linked posts can go into those structures for those interested.
This Elliot wave is based on the pattern of commodities having a 5th wave extension
• Extensions are elongated impulses with exaggerated subdivisions
• Extensions frequently occur in the third wave in the stock market and forex market. Commodities market commonly develop extensions in the fifth wave (elliottwave-forecast...elliott-wave-theory/)
Silver is currently at resistance in the falling wedge, and I think it is high probability we see breakout relatively soon. The target of the falling wedge is full performance of the flagpole, which is rare, as normally you get some 60-70% performance. The purple line at $21.70 is based on the three month bollinger bands which I go over in a linked posts.
The rising dashed trendline seems like a decent place to put the termination of corrective wave B, and C is within, but not below point 4 at the 0.618 fib entrancement level. The actual targets are going to change depending on the performance of this 5th wave, and untill then points A, B and C are only estimates. When we get performance and point A, points B and C should be more clear for swing traders.
The time frames are approximate, but are grounded upon the silver profit taking posts, where I predict this move will require almost a year of consolidation before break neck against thereafter.
I am not a financial adviser, I am not a certified market technician, and I have already maxed out my Roth IRA contributions where I am playing my silver positions in leveraged ETFs, like USLV. But I can tell right now my plan is to go long with USLV until silver gets to between 21.70 and 22.50 and then I am going into DSLV on that Elliot correction wave. When I think I got to point C I am taking 1/3d of my Roth silver position into physical and going long USLV till we hit my next target, which will be based on the 3 month bollinger band chart so I can get the most out of these big moves. I do believe most investors would be fine accumulating through this whole period, but I am not a financial advisor, and I am not your financial advisory.
I suspect on the retracement the 20 SMA on the 3M chart will be pulling up and the retracement will come close, if not test that 20 SMA. Time will tell though, as it depends on how much that pulls up, based on how many 3M candles it takes to reach my target, and how powerful the retracement is.
This Elliot wave is based on the pattern of commodities having a 5th wave extension
• Extensions are elongated impulses with exaggerated subdivisions
• Extensions frequently occur in the third wave in the stock market and forex market. Commodities market commonly develop extensions in the fifth wave (elliottwave-forecast...elliott-wave-theory/)
Silver is currently at resistance in the falling wedge, and I think it is high probability we see breakout relatively soon. The target of the falling wedge is full performance of the flagpole, which is rare, as normally you get some 60-70% performance. The purple line at $21.70 is based on the three month bollinger bands which I go over in a linked posts.
The rising dashed trendline seems like a decent place to put the termination of corrective wave B, and C is within, but not below point 4 at the 0.618 fib entrancement level. The actual targets are going to change depending on the performance of this 5th wave, and untill then points A, B and C are only estimates. When we get performance and point A, points B and C should be more clear for swing traders.
The time frames are approximate, but are grounded upon the silver profit taking posts, where I predict this move will require almost a year of consolidation before break neck against thereafter.
I am not a financial adviser, I am not a certified market technician, and I have already maxed out my Roth IRA contributions where I am playing my silver positions in leveraged ETFs, like USLV. But I can tell right now my plan is to go long with USLV until silver gets to between 21.70 and 22.50 and then I am going into DSLV on that Elliot correction wave. When I think I got to point C I am taking 1/3d of my Roth silver position into physical and going long USLV till we hit my next target, which will be based on the 3 month bollinger band chart so I can get the most out of these big moves. I do believe most investors would be fine accumulating through this whole period, but I am not a financial advisor, and I am not your financial advisory.
I suspect on the retracement the 20 SMA on the 3M chart will be pulling up and the retracement will come close, if not test that 20 SMA. Time will tell though, as it depends on how much that pulls up, based on how many 3M candles it takes to reach my target, and how powerful the retracement is.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion
