Tag: Fibonacci Extension

It’s always such luck to find something when you really need it. I didn’t update the monthly chart for silver from July as we need to give time to the market for visible changes. I am very thankful to regular readers who comment on my posts and doing so; they give me a feedback with a clue of what you really need or what is your biggest concern. Last week one of the readers asked why I put short term setups with a bullish view. I answered that as long as the market broke above the medium-term downtrend, we can watch the upside. Today I would like to update the monthly chart as it is always better to see once than to read/hear about it many times.

This time I changed the usual order of charts. I would like to start from what we all didn’t see. The exotic pattern was detected, and I am glad to share it with you below. Continue reading "Silver Monthly: Exotic Pattern" →

Code Orange

In my previous post I warned bears to be alert to the changing trend as strengthening signals started to appear for Silver. This month I think the proper code for the current bear market is orange. The orange level requires sellers to be prepared for the anticipated worsening of conditions.

Chart 1. Silver Monthly: Second Attempt to Break Up

Chart courtesy of tradingview.com

I added the Fibonacci retracement level on the chart to show you how deep the silver price drop is. The 78.6% is usually the last level of correction, where most buyers have already jumped out of their long positions. The metal stopped falling right above it. For comparison, gold retraced only 50% of the rise and it has some room for further weakness. Continue reading "Silver Update: This Cup Should Refresh Bulls" →