The Formula for the volatility is (high-low)/low for a 15 minute time frame and then the average of the last 26 periods. There is 26 periods in a day, which thus makes it the one day moving average of volatility for the time frame. We have a long way to go for the volatility that I am expecting on this market.
The fibonacci is holding very well on the short term time frame for silver. This selling that occurred early in the day is looking to be yet another pull back in this bull market. With a rising five, ten, twenty, fifty and two hundred day moving average all of these sell offs are guilty until proven innocent. The fundamentals for the long term remain exceptionally solid with the oversold conditions that I have mentioned on the longer term charts. This doesn't mean we will not have some further corrective action as it very easily can. For now the path of least resistance is higher as we are now in the tenth straight day where silver has managed to stay above the resistance level that has been mentioned in other videos.
Fibonacci Upside thus far is working well on the very short term charts. Breaking this current level brings a target up to $24.91 which is close to the year to date high of $24.95
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