This AM we had SLV go to new rally high and sell off, but it appears to have steadied in the middle of the small range above last weeks OOPS Buy and the AM high. This is action likely to bring a very fast move higher to the range of 18-18.44 (P&F Tgt) over the next several days while SPY consolidates in a range above 231.5. A SLV selloff back to this level is likely to follow as SPY moves higher and the VIX begins to rise. My guess is we get the filling of that SPY gap at 231.5, before moving higher.
Another interesting development in this period of transition of markets is the fact that URA, which has been red hot, just made a new high at 19.26 this AM, however the pattern is one of likely a local top for the next month while it consolidates. I look for it to go back just below 16 over the next 1-1.5 months in this consolidation in a major bull move likely to go 4-5 times higher over the coming years.
Edited by thoughtpwr, 14 February 2017 - 12:13 PM.