M consolidation formation at B wave with a higher low. Risk Reward is nice. Taking it Long.
I am looking at a short term topping M pattern to form.
After completing a 3 wave move it should drift lower for a bit.
Could this be yet another V bottom in Oil we saw back in 2009? Doubtful! We need at least one more pull back, before we can push higher. We could see a possible H&S we could revisit the lows if a Global recessions hits. We could break out and my analysis could suck ass! My Job is not to guess what will happen. My job is to ready the chart and see what is more...
The comfortable know it all market is happy! BE CAREFUL!
after completing an inverted head and shoulders we broke out, tested the break out and pushed higher. After 2 years the ROI in the SPX is 8%, 4% per year. We are rising on the 5th and final wave before the correction begins. Note wave 5 is typically shorter than wave 3. which means we are probably within 10% of topping out. For now 3 to 5% pull backs should be...
This is the fifth time silver has found its self at this level. The previous times it failed miserably will this time be different? The Risk reward is very compelling! I would gladly take a lose if I am wrong on this one.
My best guess how this will play out. I emphasize the word "GUESS".