Earlier this week I put this chart together and have thought about waiting to publish this when it was a bit more "timely". However, given the Yellen speech, the lack of follow through to the downside move late last week from 15.80 to under 15.20, and the generally weak economic growth globally, all of the created liquidity that is sloshing around in global markets could find its way to Silver.
After Friday, there will be a bigger base or "mode" from 15.60-15.20 that will span 8 weeks of continuous trading, which is up from 7 weeks down in the low $14.00-$14.20 level. When you see more time at a higher level, that is a bullish accumulation sign. The next part of the scenario requires an entire week above the "mode" to unleash the upside potential, which can be measured in a few ways. The first is using the range of trading around the mode ($14.60-16.10 or $1.50, to $16.90) and the second is to measure from the low in the 4th quarter when the trend began to the current mode (let's call it 13.60 to 15.40 for $1.80 and a target to $17.20.
Stay posted and look for $18.00-$18.40 by August. Dips to $14.80-$14.40 will provide the lowest risk, highest reward entry level. Only time will tell if we get a washout to that level first.
Tim
9:34AM Thursday March 31, 2016
Komen
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Working well. Especially the advice "Dips to $14.80-$14.40 will provide the lowest risk, highest reward entry level". Huge returns had you followed this advice.
Dagangan aktif
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The last rally we are seeing here is powerful and with central banks keeping their feet on the "easy money" button, it sure makes any rational person think to own something "real". All of the silver in the world would only buy a couple of buildings in New York City, so silver has a chance to be worth a lot more in our lifetime, but that is a different trade altogether. I will go up to the next time frame to see where to enter/exit Silver to set up the next trade. I have done a video on the long term prospect for silver on Youtube. It's a long video and a bit slow, but check it out. Search "Tim West TradingView Silver" and you'll find it.
Komen
A-shot
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Did you mean XAG?
A-shot
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Apparently this was a nice prediction?
TomPower
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Wow, I'm just tuning in now looks like this Tim guy knows his stuff! To be honest Tim I never could understand this time at mode but maybe I better start buckling down.
A-shot
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It takes time, but it is worth it. Trust me, at times you will be amazed at its correctness
TomPower
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Jesus Christ trading mid 20s now
aibek
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Hi Tim, Silver beat both the USD and the Gold (you predicted it right). Your target here has been hit, what's next? Was it a part of correction of Correction (higher degree)? Thank you!
purpurato59
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I had this feeling a few days ago, but I was checking my idea, and we just stayed in the same place. What are you thoughts about gold ?