0JKC trade ideas
SLV - New Low for this moveHad anticipated one more move down and this needs to be it as we rapidly approach the top of Wave 1. A breach of Wave 1, in Elliott Wave theory, would negate the assumed bull move.
SLV - Time Symmetry predicts a Bottom on MondayFor a long time now, I had wondered if the apparent wave 4 needs to be as long as a wave 2. Wave 2 ran from Feb 20 to May 28, 67 trading days. Our recent wave 3 high marked on Sep 4. We are now 64 days into this correction. We should be close to an end. 67 days hits on Monday. Can't wait to see an impulsive wave. These constant smack downs have made me lose total interest but my positions stand and will be prepared to roll any 2020 positions to Jan 2021 next month.
SLV - at an inflection point?I think so. Unless my chart reading skills are off, SLV is right at an inflection point. There is a perfect FIB retracement in place and $15.74 represents an important break out/down point from 2016. Down channel resistance just begging to be taken out. Volume drying up on sell-off. MACD and RSI favorable. A little W bottom with 200 day holding us up below. If the saying is true that the miners lead the metals, WPM and PAAS have been screaming up. Feels like it's coiling, Looking for it to attack the 18.35 high and fairly quickly.
The pirate adventure resumes?ARGH, ARGH, my friends, it has been a very long a painful wait, but perhaps it is time to revisit the treasures abound in gold and silver. As you can see, there is a shimmer or GREEN on the WEEKLY chart propagated by a spark of ignition on the DAILY. Perhaps there is still hope for the X that marks the spot. However, we must tread very very carefully at first. Any sighting of an officials ship and it's time to run for the exits again, less we be captured and capsized.
SLV - One more down move left?Silver's apparent wave 4 correction has been long and boring. Might be one down draft left still. Looking at a weekly line chart and parallel channels, it's quite possible that we hit 15.42 on some weekly close in the very near future. If the channel holds, we may begin wave 5. If the channel doesn't hold, then back to the drawing board.
Silver's next stop 14.85...As the last crazy bull rampage all over, the precious metal become less precious than before. But do not let the mirage foul you, even the stocks runs high, but the profits and earning are heading south. China is also going to make more trouble along the way, which will drive the equity price higher... Than, same like the all time high of French Stock market at 1939, there's no after... Precious metal are the only stuff can retain value during trouble time.
SLV - getting close!I like the risk reward around here. Another 25-30 cents and we will fill the gap from the August breakout and we will be hovering at the 200 day. Also looking oversold on RSI. See a lot of upside potential but like all the metals trades patience is the key. Can't always catch the swing highs and lows, but we are getting close on this one! Need Mr. Market to cooperate as well.
SLV - Buy The Trend??On adage that I have followed for years is if you can buy at or below a rising trend, then over time, you can profit. SLV is at that point now, the 20 week moving average is rising. This moving average is rising 9 cents a week or in other terms, better than 0.5% per week. For those who are longer term bullish on silver, this is a good place to place or add to a position.
SLV Retracement PotentialsWhile my initial price target for SLV is around 19.55 for the current move, Fibonacci retracement lines show that even if we remain in a major bear market for silver, a 50% correction from the major down move can be expected.
SLV - Taking some money off the 2020 tableAs mentioned in previous posts, I have been in the process of rolling out my option position to 2021. As I have been adding, this is an opportunity to take a little bit off of the table from the 2020 position. Sold just enough at this point to cover the cost of my 2021 purchases made during the past couple of weeks.
SLV - Wave 4 driftSLV continues it's sideways action thus far continuing in what appears to be a standard wave 4 correction prior to rallying into wave 5. The indicators shown seem to confirm that this is at best the wave 4 correction and the established channel indicates further possible drift until the end of the year. The spike that occurred this week was quickly sold but it does seem to show the potential explosiveness that could happen overnight.
Fundamentally, the fiat currency system appears to be in jeopardy as the Fed embarks on what appears to be a new round of monetary stimulus. The world is awash in debt. Any attempt to raise interest rates can only result in disaster. Social and political turmoil is sprouting up around the globe yet precious metals languish. Several countries are now establishing gold markets in currencies other than the US Dollar. Various countries and central banks are accumulating precious metals.
The size of the silver and gold markets are tiny compared to other markets like currencies, bonds and stocks. A broad-based move to add precious metals to portfolios could reveal this size and boost prices back to the highs. That's pretty much a triple from today's prices. There aren't many other market classes that can provide this much bang for the buck. Seems inevitable but for now, patience is required.
SLV - Channel Projection OpportunityAlong this channel, SLV can find itself at 22-26 by Jan 2021 option expiration date. Those call spreads are at $032 now. I did 20-25s at $0.51. At the 22 lower channel line, that's still at 4:1 play. Of course, options trading is risky and not appropriate for everyone. But for me, a good time to continue adding to the 2021 position in light of my earlier post.
SLV - Big Leg Up Coming?SLV looks to be poised for a move to the upside. Good fundamental demand and good technicals should drive this higher. MACD and RSI looking good. Hang on or add to right here. Not giving up much lately. Trading above its 20 and 50 day averages.
SLV- Golden Opportunity in SLVLong in silver -gold laggard, buying more shares today.
Short sells on $TIF and $HON
SLV - LongSLV - Silver ETF is in a Wave 5 of bullish impulse move. Target is mid 19-19.50 by mid November.
SLV - Bull Scenario Remains in PlaceStrong Headwinds of higher interest rates and the potential China trade deal kept pressure on SLV this week. The correction continues and can continue to drift to the moving average. Still, the longer term outlook remains positive as prices continue to hold the 50% retracement level. The next target remains the 1.23% Fibonacci level close to 20.
SLV Key Price 16.30If SLV closes at 16.30 or better today, could be off to the races tomorrow. Today's low is a penny above Monday's so thinking that we will hold here and begin impulsing higher tomorrow.
