Slope of Hope Blog Posts
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As I've said repeatedly recently, I think we've got a bounce in play which – – I hope!! – – I can ride until it reverses. One of my key longs for this bounce is the silver ETF – have you ever heard of it? – symbol SLV.
The question, of course, is how long to hold on to it. There's a gap to fill, which is at 38.01, so that's an easy target. I think it might push higher, though, up to the Fibonacci retracement of the entire run, which is at 39.81. That's where I plan to get off, and if we get that high, that's also where I think the entire market is going to fall to pieces.
All of the action in the iShares MSCI Hong Kong Index (EWH) from the November 8, 2010 high at 20.24 into the March 17 low at 17.63 has the right look of a completed major corrective period. If accurate, that means that all of the action since March 17 (at 17.63) is part of a new upleg within the dominant, powerful uptrend. Last Thursday's low at 18.79 ended a minor pullback ahead of a thrust that should confront the November 2010 to May 2011 resistance line, now at 19.56. If hurdled, this should trigger upside follow-through to new highs.
Only a decline that breaks last Thursday's low will begin to compromise the timing of the anticipated next unplug.
Originally published on MPTrader.com.