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Spamwich
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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SLV Decline Likely In Immediate Term 2 comments
    Jun 19, 2014 11:40 AM

    My last update had some sloppy trendlines. However I do see a slight break in the triangle upper TL, however the last TL is holding perfectly as resistance right now. I'm open to resistance breaking, but for now I'm assuming that it will not and will target the lower TL.

    (click to enlarge)

    *EDIT* Now passed 30 cents of my resistance line, and I realize why I do not like my current resistance line because it was not tested as support in prior price movement, so this may be a better spot. RSI is at the top of the range. I'd also like to note that this is not a time to be assuming that THE bottom is in.

    (click to enlarge)

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  • dverenes@bellsouth.net
    , contributor
    Comments (789) | Send Message
     
    Spamwich,

     

    When silver does makes its low, how high do you see silver going?

     

    Thanks,

     

    Deno
    21 Jun 2014, 10:57 AM Reply Like
  • Spamwich
    , contributor
    Comments (331) | Send Message
     
    Author’s reply » The main variable is that silver does not break through the old 2007-2010 resistance zone (which is now acting as support). If support is maintained then I can see silver taking another run at $48/ounce, the resistance levels will be $26, $35, and then $48.

     

    One of my bullish perspectives is based on inflationary conditions, while almost everything else is advancing into all time record highs it seems that the metals are lagging, not even making a record high since the 1980's. I never like to assume that resistance will break but this is encouraging to anyone who would like to take advantage of this very significant support zone . Its very possible that silver ranges between $18-$48 over years before finally breaking into new ATH.

     

    My main concern to the bullish side of things is the larger triangle dating back to the 2011 top, which is still holding, and I will put out an update soon in regards to it. These triangles like to break out targeting the top of a wave within the triangle, and then breaks down pretty hard. This has to be the largest scale of triangle I've ever tracked, if you can point out a bigger one please do ! lol.
    21 Jun 2014, 12:27 PM Reply Like
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