As long as the silver market is not doing that much and especially if it is not yet the day after Labour day then the posts will be lighter. Today will be no exception. The market is doing fairly well but is in a technical indecision with bias to the up side rather than that over down side. Long term the answer is simple only because of the asset class we are pricing this is in which is fiat debt notes and USA federal reserve notes to be exact. With this all said it is still holding the key fibonacci support level at around thirty-eight as well as a nice uptrend line. The $42 level break is what this will seem to come down to. Because $38.00 has been support over a longer primary trend being higher then it seems likely the lift off will occur soon. Below shows the direction from the fifty day high and low. The two levels hit up with each other and the buyers from these charts are currently in control of this market.
The final image for today's post brings us to the retracement for the price action on multiple time frames. For each time frame it takes the highest and lowest point over 100 periods and then with the current price level the level for where silver is on retracement from 0% to 100% is placed. This chart allows us to see which time frames are bullish and to what degree. Above 61.8% is bullish and the 73.6% is the number it needs to be above to be very bullish. The two shortest term charts are the ones that are keeping us down right now and this is a good sign for the future. The following levels take the highs and lows for the period time below:
Short1-25 Days
Short2-100 days
Medium3-300 days
Medium4-100 weeks
Medium5- 100 months
Long6 - 25 Years
Long7 - 50 Years
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