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ONE YEAR SILVER CONTRACTING TRIANGLE ENDING?


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#51 K Wave

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Posted 06 August 2021 - 08:39 AM

Just a quick check in.

 

After the massive pivot break in July, I still see nothing remotely bullish in either Silver or Silver Stocks

 

The fully expected backtest of the battle line at 26 now appears to be over and the brunt of the decline can now commence.

 

Only a move back above 26 that holds will begin to change my mind....still looking lower, perhaps much lower, until then....

 

60 min look at Silver...pretty classic bear action since the breach....

si.png



#52 senorBS

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Posted 06 August 2021 - 09:32 AM

Well there is IMO big time potential here and I stress POTENTIAL as Silver/SLV have made new decline lows and SILJ/SIL so far are easily significantly above there recent decline lows so a bullish divergence with miner relative strength could finally be developing into a still possible wave E low? I bot modestly close to todays lows - 15% position now after going 100% cash the other day, helluva critical juncture here, as always DYODD

 

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#53 linrom1

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Posted 06 August 2021 - 09:48 AM

 

We're at point where RSI was always a good entry point for a rebound in the past.



#54 senorBS

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Posted 06 August 2021 - 10:07 AM

 

We're at point where RSI was always a good entry point for a rebound in the past.

it "might" have been the washout we needed, however I am only a TRADER here for now as there is no decisive evidence either way, I can see the "potential" for a bottom but also cannot rule out that the plunge continues, trading with modest positions until we get better info

 

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#55 senorBS

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Posted 09 August 2021 - 08:12 AM

This count totally invalidated, with silver plunge overnight large wave C possibly ended at "crash" low in ultra thin Sunday trading at 22.06, we see

 

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#56 ryanoo

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Posted 09 August 2021 - 04:05 PM

Gold's flash crash today left a long tail (low $1675.90).

Usually this low is revisited soon.