Something BIG is brewing in metals. Deflation may just be getting started. From a technical stand point, SLV could see the $10 low tested recently.
SLV trade ideas
SLV DAILY WEDGE BREAKOUTBuyers have come into market and broke daily upper trend line of wedge pattern, since broken supply level may retest now demand before heading north
SLV - what's next?SLV traded down to $10.86 last month. It had not seen those levels in more than 11 years. After making a high of $48.65 in 2011, SLV ultimately traded down to $13.04 in December 2015 (orange support line). A rally attempt in the first half of 2016 to take out the downtrend line from 2014 (orange resistance line) failed and the $13.04 low was successively tested twice in late 2018 before SLV tried to again attack the downtrend line from 2014. Ultimately this orange triangle failed with the coronavirus events and the $13.04 low gave way. Volume spiked at the low and is much higher than the sell off that preceded the 2008-2009 sell off. MACD and RSI made lows not seen in many many years. As a result of this sell off the gold/silver ratio spiked to all time highs by a long shot. It still remains extremely elevated at 111 as gold has made it back to its highs pre coronavirus. I expect that SLV will make up this underperformance in the near term. MACD and RSI favorable. We are at about a 50% retracement from the recent low to its high immediately preceding the sell off. This should correct sooner rather than later.
Silver - Island ReversalNow, this one is the flawless pattern!
Island Reversal on SLV
Bullish on silver, long term.
SLV: It won't be long before it's tarnished!Sorry, silver will be falling off a side of a cliff, along with the rest of the economy! Once people find out it's worthless, they will be casting it into the streets! Maybe it'll come back some day, but it could be generations before that happens!
It's been generations since people used silver as money, and it's not coming back! People used to use floppy disks and cassette tapes too! We're much more likely to see EBT ration cards than a silver standard!
SLV - Paper Sale AlertA normal bounce is a 50% retracement. That's coming around here. Selling off some of the $12 calls I had picked up at lower prices. Intend to continue focusing on adding to the physical side. The paper side is so disconnected from reality. It's tradeable on technical but my earlier concept of using it as a forward hedge doesn't work. Physical premiums have surged to $4 an ounce on generic silver and $9 an ounce on the American Eagles. Paper prices do not reflect the actual metal demand. Still have LEAPs out to 2021 and 2022 but I learned my lesson in trying to leverage myself in physical universe with paper.
Silver Weekly Resistance| Oversold bounce|Macro Structure Evening Traders!,
Today’s update will be on Silver, which has breached an important weekly support, now potential resistance upon a retest.
Points to consider,
- Trend bearish (lower highs)
- Back test of Support likely
- RSI in oversold conditions
- Stochastics in lower regions
- Volume climax evident
- VPVR currently flat
Silvers overall trend has been putting in consecutive lower highs, it broke a major high timeframe support with a gap open. Back test of this support will confirm a bearish retest, which will be extremely bearish.
The RSI is in oversold conditions, leading silver to a probable oversold bounce into weekly resistance. Stochastics is in the lower regions, can stay trading here for an extended period of time, however lots of stored momentum to the
upside.
Volume climax is evident, with above average nodes, sign that a temporary bottom may be in. The VPVR is currently flat, this is within the open gap region where silver is likely to fill for a retest.
Overall, in my opinion, Silvers oversold bounce is probable for a retest of weekly resistance; a rejection will be very bearish for the overall macro structure.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
SLV: 2 wave on a 2 wave. Looks like a good opportunity!Silver looks like a great opportunity lately. Since I do not have the resources for or access to physical silver, I'm investing in iShares SLV ETF. Seems to be close to major support and near the bottom of a 2 sub-wave within a larger coming 3 wave. Please comment and let me know your thoughts!
Thanks Dalon Anderson from High Altitude for the idea on silver. This is my modified plan on this 3-wave in SLV.
Buy SLV at $15.5.
Sell 75% at $39. Hold 25% longer term.
SLV - Looks Grim but . . Keep stacking. There is nowhere else to hide. My weekly thoughts assetdesigncenter.blogspot.com
SLVI bought some spot SLV and will continue as all this stimulus is bullish AF for PM's and silver has been dramatically under performing Gold. Just need to be a little patient.
And buy whenever possible. I stay bullish on PM's, Uranium, Lithium, Cryptocurrencies. I remain short term bearish on stocks Bonds but think that will flip bullish within 6 months once the big banks have pulled all their money to the side and get the free helicopter monies from Trump.
Then I think Wall st. will buy its own dip and we will see an epic 2-3 year blow off top in stocks commodities b4 finally the real crash comes.
SLV - The Absurdity of PriceJust remember how ridiculous prices of gold and silver are. There is no relation between supply and demand as some notes on PM dealers' websites show. Don't let them take the PMs away from you by scaring you with fiat numbers that are soooo meaningless.
NOTE: Due to extreme order volumes, please expect shipping delays of 5-10+ business days. We also have a temporary $299 order min.
NOTE: Due to extreme order volumes, please expect a shipping delay of up to 3 business days.
NOTE: Due to extreme order volumes, please expect shipping delays of 5-10+ business days. We also have a temporary $299 order min.
If SPX looked like SLVImagine what the world would look like if SPX and SLV correlated as they did until around 2011? SPX would be at 1,400 instead of having risen to 3,400. Those of us who have been involved with precious metals know what PAIN is. I remember a few years back, I heard Mike Maloney or some other metals commentator say that when markets normalize, one will be able to buy a decent sized house for 1,000 ounces of silver. That thought has always been in the back of my mind. And now, as the Fed "bazookas" the economy with a new round of even greater QE, and markets continue to deteriorate, I wonder if that time is at hand.
Up to now, the stock market's fall is a mere garden variety "correction" having not even hit a 50% retracement. It is beginning to expose the big sham that the debt-driven economy has been. Fixing debt problems with even more debt is just not sustainable. Kudos to Peter Schiff who has been calling the situation so precisely for years now. While things don't always play out in the timeline that we hope for, some things are just inevitable.
What will the world look like if stocks correct as silver has done? Will the chart flip flop with precious metals reaching unimaginable highs? Again, those prices are only in dollar terms. When thinking of precious metals, it's best to always relate your holdings in ounces or other weight metrics instead of in dollar terms. That really defeats the whole underlying principle of buying precious metals. The dollar is merely smoke and mirrors.
SLV - the next bull market?Perhaps. I have drawn two support lines at $14.40 and $13.04 on this monthly chart I will begin accumulating shares between these two points. On a shorter timeframe there is still some room and time needed before a resumption of the uptrend. This truly was 3 forward and more than 2 back. I think we are close. Gold silver ratio went parabolic. Silver's time is coming. Don't miss it!
SLV - Impulse Scenario ToastSLV took out the top of wave 1 so prospects for a possible bull run in silver is gone. Back to the drawing board for an analysis. Deflation is in the cards but more central bank liquidity could trigger inflation and a surge in the precious metals. Still holding my LEAP positions through Jan 22. They serve as forward hedges. In the meantime, I continue to be buying the physicals regularly. As I look around at the investment spectrum, I am hard pressed to find anything that I want to invest in. Stocks are toast, especially companies that have lots of debt. Bonds are to the moon and while they still may rise further, it is all debt and not worthy of serious investment. Have lots of cash as well as I hadn't really bought in to this market move since 2008 but cash scares me as well as we could quickly devolve into Venezuela. Where can one go? Only one place in my mind.
Silver Short to Mid-term ViewSilver has been behind the gold bull market movement. Based on the technical analysis and current market environment, we are seeing a bullish opportunity for precious metal and especially silver.
Let us analyze, learn and trade!
GenInvesting
SLV - Critical Resistance - BuyingSLV is bumping up against critical resistance in the lower part of the flag pattern. Last week's fall put it back in an area where it typically gaps up to get through. I expect the same for this move. Silver has run along with gold but at a much slower rate. Gold was up a little over 2% today and silver just over 1%. The gold silver ratio is at its highest level ever. This will normalize as time goes by and the metals bull market becomes more mature. I am adding SLV right here anticipating the breakout understanding that a test of the bottom of the flag could still happen. Volume picking up nicely.
SLVs future is brightPlease take a careful look at the chart as it will explain my analysis and rational a lot better than a paragraph or two. The orange R1-3/ S1-3 support and resistance levels towards the right of the graph are the 'Pivot Points Standard' indicator with Fibonacci parameter chosen under settings. Short term I'm neutral, long term I'm bullish if i had to take a trade Monday it would be calls. Please ask questions if anything is unclear, thanks.
