The market remains bullish and until proven otherwise all sell offs are guilty and that of a buying dip. The $48-$50 target that is upcoming seems as if it is ready to hatch off to new gains. Not mentioned in todays video, but in many previous ones is that when a key fibonacci level is not support or resistance like it is supposed to be or is barely that of support or resistance then often a fast move can occur to the next fibonacci mark. The next key one on upside is $48.36 which co-insides with the 1980 highs of $50.00. It's a no brainer in my mind that this level will be tested soon and this is more along the lines of enjoying the ride up to the higher levels in silver.
Note - The market sold off today in the USA time frame and yet it went up before hand. The trend continues with New York selling silver off on their time as the international markets push it back up. Also what was impressive was today we seen the stock market sell off as the dow was once down over 100, but closed down around 65 points. The dollar had a rally today from its new four month lows and this did not affect gold and silver much. Copper got hammered today as did palladium. Platinum also fell which is showing us that gold and silver can keep working towards new hows as the other markets move to more of a neutral state.
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I added the silver chart again for both NY and Non NY times because I never put it on the blog the first time. I only want to put so many pictures on here because I only have so much hard drive space on here. I am no where near a problematic period as I have only used 1% of my harddrive for this blog. I have enjoyed logging the movements in silver and its been a blast. Thats why I named this (The Silver Log) as a method of logging all this information done here. I figured it was a good time to start to get in before all the major stuff comes into play. There is a lot more upside room left as we are barely getting started.
I love your 15 minute line chart with the trend channels - it gives me the courage to hang on to my forex silver positions when the market trends downward.
ReplyDeleteDon't worry, I have physical too, just using the forex as income to get more physical.
What's considered as "US time"? 9:30am to 4pm? Is the third graph about SLV, silver futures or XAG?
ReplyDeleteI have been studying that the most bearish time frame in average the last 2 years has been from 3am to 10am (2:30 to 10 in gold).