Browse Stacks: Patterns: SILVER daily sc.png

SILVER daily sc.png

Silver daily: With the drop in precious metals today I thought I would share my read on silver. To me it has made a beautiful ABC correction since the high in 2011. There was a classic 5 wave triangle forming the B wave with each subwave a-b-c in form. Often the C wave has a fibonacci relationship to A as we have here. If the recent low does not hold then C may equal A. Personally I think there is a good chance it will hold. Good luck. T

Comments

pec Year Of The Firepec Year Of The Fire
Nice contribution - thanks! 
Here is one to consider as well (which might back your count) 
Chart from Dec'13... on the gold rally the Producer Merchants moved to rare net long position to modest net short... but now are pulling in net shorts to 24K (this Friday could see further reduction toward zero).  
 
http://treo.typepad.com/.a/6a0120a6002285970c019b0229adcf970c-500wi
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4/15/14
TombTomb
pec, thanks I hope your right too. Where can I follow this chart? 4/15/14
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