Wednesday, August 18, 2010

August 18, 2010

Chart Update 11:30am EST - The Fibonacci from the lows on Aug 11/12 of $17.80 and highs from $18.63 yesterday gave Fibonacci levels for $18.12 and $18.31. Another big sell of happened at 8am today and it was over a 50% retracement. Therefore the new adjusted fibonacci from the new low we put in of $18.17 with the $18.63 high has the fibonacci at $18.35 and $18.45. It is currently at the $18.35 level where it should consolidate for a while as the markets normally do after the morning session. Chart is from Finviz

UPDATE 12:04PM - The consolidation at $18.35 was short lived and sure enough a move to the next fibonacci level has taken place at the $18.45 level where it should consolidate at that level.

UPDATE 3:05PM - The question will be now is if this rally is for real today. The $18.45 worked out perfect with a high of $18.475 in todays intraday action. The bottom was $18.17 which is a difference of 30.5cents. Since it hit the top today, the lowest silver has traded at is $18.38 and that is a retracement of 9.5 cents. 9.5 divide 30.5 is 31.1% and has thus far been making successful retracement. Holding the 61.8% will the most crucial and 61.8% of 30.5 is around 19 cents. Therefore we can reduce 19 from the high of 18.475 and now realize that $18.285 is the key support level that needs to hold.

Tony Robbins on the Economy!

This video has nothing to do with silver or gold, but it has a lot of sanity. Thank you SilverFuturist for sharing this link. This two part video by Tony Robbins talks a lot about economics and market psychology. Instead of seeing this economic collapse as a doom and gloom event, one could be advised to see this as reality and thus what positive changes and actions can one do in their life based on these cards being dealt? Thank you and enjoy the video


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