Allan called the decline in silver and says there's more to come -- perhaps even into the $20 area. - Ilene
One of my favorite pastimes is to take a trend model, throw an Elliott Wave count on it and then take a peak at what the False Bar Stochastic is showing. Any decisions that emanate out of this folly must be consistent with the direction of the dominant trend, or that is all it is, a pastime, a folly. But when it all comes together, it can be a powerful trading strategy. Enough chatter. Here is the Silver play:
SLV Trading Model & Elliott Wave and FBS
Our SLV Daily Trend Model has been short SLV since 42.24. From the low at 31.97, SLV has retraced a Fibonacci 38% to Tuesday’s high. It can retrace more, to 50% or 62% up from the Wave 3 low. But this count suggests that when the retracement is over, SLV is headed into the 20′s…….low 20′s. I like ZSL for this play, adding to positions when the stochastic turns down in earnest.
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