SLV to 33.70Sure does appear to be a typical Wave 3 extension formation. 2.618 fib measurement of Wave 1 would put SLV at 33.70
SLV trade ideas
Next leg down to ~$26 on SLV ETFAfter Elliot 12345 up move, we are completing first ABC
Possible down move to 26 in new trend after distribution
$2.63 Mil on Silver?!Silver 5/22/2024 Exp
Silver has been on a surge so far this month, rising 20.54% from the beginning of May. This previous friday an option order totalling $2.63 Mil came in for AMEX:SLV targeting the $28 strike expiring on 5/22. The problem with this order is it is way too enormous for the ticker causing the market makers (dealers) major issues if price continues any higher. The plan for this trade is to hedge (go against) the original trade, taking the ITM $29 Puts for 5/22. The price expectations for AMEX:SLV coming into the 5/22 expiration are $30.13 to the upside and $27.47 to the downside. Liquidity zones will lay at both the expected moves. The $29/28 strike has a huge Call wall forcing the dealers to sell at that price.
silver slv update on AMEX:SLV #slv #silver we are looking at a key 3-month resistance being tested, to continue to the upside. slv
$SLV ETF Inverse Head & Shoulders Pattern & Fibonacci ResistanceAMEX:SLV ETF Inverse Head & Shoulders Pattern & 50% Fibonacci Resistance. Silver will need to consolidate before it can break higher to the blue line.
The Inverse Head & Shoulders (IHS) pattern is a bullish reversal pattern in technical analysis, typically appearing at the end of a downtrend. It is characterized by three distinct lows:
1. **Left Shoulder:** The initial low formed during the downtrend.
2. **Head:** A lower low, signifying a continuation of the downtrend but also a potential reversal point.
3. **Right Shoulder:** Another low, typically higher than the head, indicating weakening downward pressure.
The neckline of the IHS pattern is a resistance level drawn by connecting the highs between the left shoulder and head, and the head and right shoulder. When the price breaks above this neckline, it confirms the pattern and signals a potential reversal to an uptrend.
Traders often use the IHS pattern in conjunction with Fibonacci retracement levels to determine potential price targets. After the neckline breakout, the price is likely to retrace a portion of the initial move up before continuing higher. Common Fibonacci retracement levels used are 38.2%, 50%, and 61.8%.
**Here's how the Inverse Head & Shoulders pattern and Fibonacci resistance work together:**
1. **Identify the IHS Pattern:** Locate the left shoulder, head, right shoulder, and neckline on a price chart.
2. **Confirm the Breakout:** Wait for the price to break decisively above the neckline on increasing volume.
3. **Apply Fibonacci Retracement:** Draw Fibonacci retracement levels from the low of the head to the high of the right shoulder.
4. **Set Price Targets:** Look for potential resistance and profit-taking opportunities at the 38.2%, 50%, and 61.8% retracement levels.
**Key Points:**
* The IHS pattern is a powerful bullish reversal signal.
* Fibonacci retracement levels can help identify potential price targets after the breakout.
* Traders should always combine the IHS pattern with other technical indicators and risk management strategies to improve their trading decisions.
**Disclaimer:** Technical analysis is not a foolproof method for predicting price movements. It's essential to conduct thorough research and consider various factors before making any investment decisions.
SLV 🩶ready for journey - double from here?AMEX:SLV
Silver , gold is commodity play and never want to hold for long term
however, opportunity to trade always an opportunity for PWI LAB portfolio
looking to add based on my weekly setup
What do you think?
SLV Skyrockets: Why This Silver ETF Could Be Your Next Big Win!The chart shows a strong bullish trend with a significant breakout above previous resistance levels. The recent price action has formed a robust ascending pattern, supported by higher lows and higher highs, indicating continued upward momentum.
Candlestick Patterns:
The recent bullish engulfing pattern suggests strong buying pressure, signaling potential further gains.
Ichimoku Cloud:
The price is well above the Ichimoku cloud, indicating a strong uptrend. The cloud itself is widening, which further supports the bullish sentiment.
Current News and Market Sentiment
Silver has recently seen increased demand due to its industrial applications and its role as a hedge against economic uncertainties. Current macroeconomic factors, including inflation concerns and geopolitical tensions, have contributed to the bullish momentum in precious metals.
Long Position:
Entry Point: $28.79
Price Target: $31.00 (near-term), $33.50 (medium-term)
Stop Loss: $27.00 (to limit downside risk)
Given the strong bullish indicators, entering a long position at the current price can capitalize on the momentum. The target price of $31.00 is based on the next significant resistance level, with a medium-term target of $33.50 reflecting potential continuation of the trend.
Short Position:
Entry Point: $33.50 (if the price reaches this level, indicating potential overbought conditions)
Price Target: $30.00
Stop Loss: $35.00
A short position could be considered if SLV reaches $33.50, as it may indicate overextension and potential for a pullback. This approach requires careful monitoring and timely execution.
Conclusion
SLV is currently exhibiting strong bullish momentum driven by favorable market conditions and technical indicators. A long position is advisable at the current price with a target of $31.00 and a stop loss at $27.00. Conversely, a short position could be considered at $33.50, targeting a pullback to $30.00. The overall sentiment remains bullish, but traders should remain vigilant for any changes in market dynamics.
Silver is greatThis a long term strategy for the next couple of years. Silver is consolidating within this triangle since August 2020. Buying SLV ETF is like having silver bricks stored in a safe place. See it that way. You just don't sell silver, you accumulate it at every pull back. I may take less than a couple of years though bc the break out could be violent. I'm showing a SL just for reference but I would buy more if price drops that low (I don't think that will happen anytime soon). Check my previous post on silver down below.
SLV remain long term bearishThe shooting star candle on the weekly last week points to weakness at least in the short term. The question is: is this just a short-term pullback (blue arrow) or it's the top for a long-term correction (yellow arrow)? Looking at the RSI on the monthly and weekly, it has never taken the top of the peak and the rally from the bottom has been in 3 waves. I highly suspect that this is just a wxy corrective bounce and is the beginning of a long-term pullback. But we should also watch TVC:DXY by then to see if it continues to go up
SILVER will follow GOLD?SLV: SILVER will follow GOLD?
-Breakout of long time accumulation.
-Vol for demand confirmed.
-Inversed HnS pattern.
-Demand zone waiting for a pull back.
.
Wait n see!
Silver Squeeze Meme AGAIN? Do not get tricked!AMEX:SLV It's that time again! #silversqueeze is trending on social media. This meme resurfaces every 2-3 years CONSISTENTLY when whomever thinks the time is right to take retail traders' money. With Gold AMEX:GLD making new highs they are trying it once again.
Watch my video from 2021 and do the research on Google News yourself! Wait for the price action confirmation that I talk about in this video! Do not get tricked!
COMEX:SI1! COMEX:GC1!
SLV to dump???I sold today. I believe this is about to get a beat down.
I did not and won't be selling my physical.
Down to $12 and up to $48???
NOT FINANCIAL ADVICE!!!
Silver bullish break out, mid 30s target, 50-60 potentialIts taken a long time, but silver has finally shown life toward the upside.
Bullish moves in silver have taken 8-10 years in the past to fully play out.
If 2020 marks the beginning of the bullish move, then this move could last until 2030.
Bullish head and shoulders pattern could target silver to the mid 30s level.
If silver shows continued strength, then the 50 level will be a simple target for investors to eye and aim at.
Macro news is the concerns of geo politics and delayed rate cuts due to higher inflationary costs. Flight to safety is good for precious metals and inflation concerns make metals attractive as a inflation hedge.
$SLV Just getting started! Confirmed weekly breakout incoming. Silver has broken a major trendline on high volume and looks to go higher.
$SLV Silver Inverse Head & Shoulders Weekly ChartAMEX:SLV Silver Inverse Head & Shoulders Weekly Chart, The Inverse Head & Shoulders pattern is a bullish reversal pattern commonly observed in technical analysis. It typically consists of three troughs, with the middle trough (the head) being lower than the two surrounding troughs (the shoulders). This pattern suggests a reversal of a downward trend, with the price likely to move higher after the formation is complete. Traders often look for a breakout above the neckline, which serves as confirmation of the pattern and a potential entry point for long positions. The pattern is considered invalidated if the price breaks below the lowest point of the pattern.
Watch for Silver to catch-up with GoldGold has broken out of a multi-year resistance to new all-time highs. Silver has been lagging Gold. It has started to move and should accelerate in its catch up once Silver future push through 26. I am long SLV as a proxy. Silver miners may also be a great play but I don't like the rise in energy prices, which could continue to be a headwind for them.
$SLV FlaggingSome basic analysis reveals that Silver is flagging on the 3 Months chart looking for a big breakout. Collect Grandmas silverware and sell at the highs
Time for rotation??? Silver to out preform Gold??We know they have been playing games.
I personally would buy physical and stand back from PAPER Silver.
Can the silver gorillas return with strength??
NOT FINANCIAL ADVICE!!!
I'm Bullish Gold and SilverI'm Bullish Gold and Silver! I expect a rise on the VIX followed by downward manipulation of the VIX until election time, expect a lot of volatility, when the VIX and Gold and Silver break out expect a much needed stock market correction!
SLV multi month channelA no brainer buy low, sell high.
Is Silver ever going to zero? No
GLD has had a BIG breakout and SLV has not followed through (yet)
the 100/200 sma on monthly support this trade and if your time horizon is long enough, I believe this position goes back up to the supply zone.
SLV: Bullish Head and Shoulders and Piercing Line on the WeeklyThere is a Bullish Inverted Head and Shoulders with a Piercing Line on the potential Right Shoulder visible on the weekly timeframe above the 800-week EMA who's measured move would take it all the way up to the 1.272 Fibonacci Extension
if the pattern plays out.
The move up in SLV should be supported by the rising of the TLT and Falling of Yields (if that trend should continue).
I will be getting the ITM Calls, expiring April 19th.
SLV - One More Leg Down to Complete Correction
Looks like one more leg down could complete the correction from the last ATH. Potential Wave 3 projection indicates mid-40s. Be ready to pounce on any middle of the night crashes. These have turned out to be exceptional buying opportunities, every time.
I had been using the iron condor strategy for quite a while now but something's got to give, especially with the miners, that can provide greater gains once silver comes into favor. Expect a silver mania to develop, just like bitcoin, AI, etc. Too much money always chasing better gains. Just hasn't hit the precious metals sector yet, but it will.
