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ONE YEAR SILVER CONTRACTING TRIANGLE ENDING?


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#21 senorBS

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Posted 22 July 2021 - 01:12 PM

Can we add a possible "island bottom" and gap away from wave E low IF we close SLV at this 23.51 area and gap up higher tomorrow, pure fantasy on my part but WTF and why not?

 

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#22 senorBS

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Posted 22 July 2021 - 02:01 PM

gotta say that "so far" and I will stress "so far" silver/SLV is acting like a potential contracting tri may have ended, really good action so far, if bullish IMO I think we should continue higher tomorrow

 

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#23 dougie

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Posted 22 July 2021 - 10:36 PM

gotta say that "so far" and I will stress "so far" silver/SLV is acting like a potential contracting tri may have ended, really good action so far, if bullish IMO I think we should continue higher tomorrow

 

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well we see  as someone like to say!



#24 senorBS

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Posted 23 July 2021 - 10:29 AM

 

gotta say that "so far" and I will stress "so far" silver/SLV is acting like a potential contracting tri may have ended, really good action so far, if bullish IMO I think we should continue higher tomorrow

 

Senor

well we see  as someone like to say!

 

nothing definitive at all in recent/current action, could still be in wave E, I still favor this count and its likely outcome but we see

 

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#25 CHAx

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Posted 27 July 2021 - 08:09 AM

One interesting note here.  over the last 5 years the average open interest in /SI 30 days from the front month contract stops trading, is ~140k, todays OI is 111k.  Going back 5 years it has never had this low of open interest at this stage of the most active contract.  Crazy how uninterested metals futures traders are at these prices.  They don't want to short and they don't want to go long.

 

It is complete apathy out there, just like the board! :)


Edited by CHAx, 27 July 2021 - 08:11 AM.


#26 linrom1

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Posted 27 July 2021 - 08:39 AM

One interesting note here.  over the last 5 years the average open interest in /SI 30 days from the front month contract stops trading, is ~140k, todays OI is 111k.  Going back 5 years it has never had this low of open interest at this stage of the most active contract.  Crazy how uninterested metals futures traders are at these prices.  They don't want to short and they don't want to go long.

 

It is complete apathy out there, just like the board! smile.png

Falling open interest and falling price should lead to lower prices.



#27 CHAx

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Posted 27 July 2021 - 08:48 AM

 

One interesting note here.  over the last 5 years the average open interest in /SI 30 days from the front month contract stops trading, is ~140k, todays OI is 111k.  Going back 5 years it has never had this low of open interest at this stage of the most active contract.  Crazy how uninterested metals futures traders are at these prices.  They don't want to short and they don't want to go long.

 

It is complete apathy out there, just like the board! smile.png

Falling open interest and falling price should lead to lower prices.

 

 

Well, that isn't what I described.  Price is flat for the last 12 months and OI has significantly declined during that period.  Also, the 2nd lowest period of OI on /SI was in April-June2020, right before the launch.  What a low open interest implies, is *apathy* or a lack of conviction in ether direction, hence traders won't take any position long or short, which is the case right  now.


Edited by CHAx, 27 July 2021 - 08:49 AM.


#28 linrom1

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Posted 27 July 2021 - 09:59 AM

 

Could be it? Watch NEM, if it takes off, it could imply some kind of bottom?


Edited by linrom1, 27 July 2021 - 10:01 AM.


#29 bigtrader

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Posted 27 July 2021 - 10:04 AM

I seldom share trades but if my counts are right silver bottoms today or tomorrow


KISS my avatar!!!

#30 Smithy

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Posted 27 July 2021 - 10:16 AM

I hope you are right!