Short term, I believe the target is the same under either count, so I figured I'd better post the charts for reference -- especially after glancing through my chartbook tonight and seeing the callout which says silver "may be ready to head down again almost immediately" -- which I wrote when I did the chart on Friday (?) night... and of course that's exactly what silver did on Monday. Anyway, I'll come back to these and wrestle out the details regarding Primary degree waves and higher, but here's what I've got so far:
Keep in mind that silver's Primary degree count will impact this chart severely -- literally changing the bounce from one that reaches new highs, to one that reaches new lows. So don't get too hung up on it until I figure out the larger trend degrees. This all has larger impications that I think may be important to us, so it has become something of a project for me.
PL,
ReplyDeleteWas in and out of silver last week. Have had better fortune, with silver, in recent years getting in and out fast. Great chart work as usually!!! With the SPX approaching a flat open, what are your thoughts as to its direction for this week. These Holiday week bounces can be great, but not if you the one under the ball! :)
Jason,
ReplyDeleteYou called the turning point ( "crash") on the spx. Congrats ! I' ve been following your articles for few months and they are very interesting and help your understand how the markets are. I read your articles on oil, silver, apple but have not come across any on gold. What are your thoughts on gold?
Thanks Ray,
ReplyDeleteGold is another one I need to update. I need about 5 more of "me" to get all this work done! Short answer: gold looks like it wants to test the 1460-1500 level.
TY Expat. Silver is definitely not for the faint of heart -- sounds like you have a good strategy there; silver's an extremely volatile market, and it can steamroll traders that don't know how to jump out quick, or who get married to their trades.
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ReplyDeleteRegards: MCX Commodity Tips