Bullish September
There's a very clear bull pennant near completion for XAG.
The flagpole started at 12.134 (lower wick) and goes up to 29.592 (upper wick). More conservatively, the pole would be slightly shorter, but this range is what I view as the maximum potential move after the completion of the pattern, a somewhat drastic movement of 17.458.
According to the range of the flagpole added to the price at completion in the area of about 26.115, it indicates a potential move to as high as 43.573 in this run up.
The timing of this pattern seems to coincide with the completion of the ascending wedge of SPY and ES1! that's been steadily becoming concrete since March 2020. That ascending wedge seems to be headed for its terminus at just around the same time, if not a bit before. This makes some sense as silver prices tend to be reactive rather than predictive, so we can expect that silver's run-up (if it happens) will take place after any market correction.
The flagpole started at 12.134 (lower wick) and goes up to 29.592 (upper wick). More conservatively, the pole would be slightly shorter, but this range is what I view as the maximum potential move after the completion of the pattern, a somewhat drastic movement of 17.458.
According to the range of the flagpole added to the price at completion in the area of about 26.115, it indicates a potential move to as high as 43.573 in this run up.
The timing of this pattern seems to coincide with the completion of the ascending wedge of SPY and ES1! that's been steadily becoming concrete since March 2020. That ascending wedge seems to be headed for its terminus at just around the same time, if not a bit before. This makes some sense as silver prices tend to be reactive rather than predictive, so we can expect that silver's run-up (if it happens) will take place after any market correction.
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