SILVER LONG TERM OUTLOOK (40 Year Long Cup and Handle Pattern)
Not sure how many people realize that silver is a 40 year long ongoing cup and handle pattern. I know I'm not the only one that has seen this. Here is a link to a chart of silver's 100 year price history. Click the inflation adjusted button:
www.macrotrends.net/...rices-100-year-chart
See the cup and handle? This is a very very strong pattern that when completed, performs very well. Wondering why Bitcoin is going parabolic this year? Well it is because it broke out of a 3 year long cup and handle pattern.
Silvers cup and handle has been going on for nearly 40 years, and it is sitting near the bottom of the handle right now. The growth potential is unfathomable in my opinion, especially after seeing how bitcoin is reacting to the breakout.
I recreated silver's price history in this idea's chart at the top. I also decided to draw possible support and resistance trend lines based on the full price history found at macrotrends.net: imgur.com/a/6Y97Q You can see that silver's price bounced off a very strong support trend line back in December of 2015. I can count about 4 times when price has bounced off this line (maybe more than that), so as a result I don't really believe silver will go beneath $15. If it does, there is another possible support line beneath. If that one breaks (which i believe is very unlikely), then this cup and handle pattern is probably incapable of completing correctly.
Silver has been sitting in a symmetrical triangle since around the end of 2013. Seems like price should break up or down within the next year or two.
Since price is so severely suppressed due to manipulation, I wouldn't doubt an attempt at forcing the triangle to break down, but it could end up rebounding off that possible support line, which would make this triangle a single busted symmetrical triangle, like this: thepatternsite.com/images/ALB1.JPG
Fundamentally, there is a lot to talk about as well. I'll update later on some of the main points that I think validate the long term technical analysis.
I am late to the silver stacking game, but there is still time to accumulate. The death of the dollar is coming. Anyone who thinks otherwise, in my opinion, will regret not buying silver when it was under $20. Ignorance is bliss.
www.macrotrends.net/...rices-100-year-chart
See the cup and handle? This is a very very strong pattern that when completed, performs very well. Wondering why Bitcoin is going parabolic this year? Well it is because it broke out of a 3 year long cup and handle pattern.
Silvers cup and handle has been going on for nearly 40 years, and it is sitting near the bottom of the handle right now. The growth potential is unfathomable in my opinion, especially after seeing how bitcoin is reacting to the breakout.
I recreated silver's price history in this idea's chart at the top. I also decided to draw possible support and resistance trend lines based on the full price history found at macrotrends.net: imgur.com/a/6Y97Q You can see that silver's price bounced off a very strong support trend line back in December of 2015. I can count about 4 times when price has bounced off this line (maybe more than that), so as a result I don't really believe silver will go beneath $15. If it does, there is another possible support line beneath. If that one breaks (which i believe is very unlikely), then this cup and handle pattern is probably incapable of completing correctly.
Silver has been sitting in a symmetrical triangle since around the end of 2013. Seems like price should break up or down within the next year or two.
Since price is so severely suppressed due to manipulation, I wouldn't doubt an attempt at forcing the triangle to break down, but it could end up rebounding off that possible support line, which would make this triangle a single busted symmetrical triangle, like this: thepatternsite.com/images/ALB1.JPG
Fundamentally, there is a lot to talk about as well. I'll update later on some of the main points that I think validate the long term technical analysis.
I am late to the silver stacking game, but there is still time to accumulate. The death of the dollar is coming. Anyone who thinks otherwise, in my opinion, will regret not buying silver when it was under $20. Ignorance is bliss.
Komen:
Forgot to mention that silver is near the bottom of the handle. these are the some of the lowest prices we may ever see again..
Komen:
Just noticed that silver has been sitting on the monthly 200 ma for awhile now.. Once it enters that ichi cloud resistance, possibly next month, it might go for a breakout.