Often after a long term bullish rise (as occurred in silver upto 2011) there is a slow time of consolidation from the overbought condition before the next and often final burst up. Sometimes this takes the form of triangle (contracting or expanding). With that in mind I thing we may be going to form a multi-year side ways triangle in silver. Just a guess. If this is correct it should be great for traders if we can stay in step.
With this in mind I favor we are about to start a "C" wave up to "BB" (see daily chart). C waves often are full of energy which I will be too if I am correct.
Currently we are still in a down channel on the daily chart. There is a small negative reversal currently in the daily RSI. I think we may get one more move down likely to the 14-14.5 area in the SLV. Good fib "relationships" at that level. If that occurs will be watching closely for a price action "trigger" to enter long. Of course it could go down to the 13 level to form a double bottom as well. Hope this ends up being helpful to your trading method. Comments always welcome.
With this in mind I favor we are about to start a "C" wave up to "BB" (see daily chart). C waves often are full of energy which I will be too if I am correct.
Currently we are still in a down channel on the daily chart. There is a small negative reversal currently in the daily RSI. I think we may get one more move down likely to the 14-14.5 area in the SLV. Good fib "relationships" at that level. If that occurs will be watching closely for a price action "trigger" to enter long. Of course it could go down to the 13 level to form a double bottom as well. Hope this ends up being helpful to your trading method. Comments always welcome.
