Wednesday, September 12, 2012
Anyone who has been long silver in the last 18 months has been suffering. My quick technical analysis of the weekly chart shows a few things:
1. The recent breakout above the descending trendline at $28 has not been confirmed with volume.
2. Long term support is $26, that's where buyers have shown up as far back as Jan 2011
3. Sellers have come in before at $34
If you are a trader, then long positions should be suspect without a breakout above $34 ON VOLUME.
If you are a long term holder, any significant break below $26 should signal trouble.
If you bought silver in the last year, well what can I say?
Friday, June 22, 2012
|Daily SPY with Elliot Wave Counts|
Downward impulse from April took 8 weeks but finished with the A-B-C which began the first week of June. Large volume sell-offs yesterday and today seem to portend the start of another downward impulse (Orange line).
June lows of 127-ish come into play and should be strong support for a wave 2 to start.
Monday, June 11, 2012
OK, Elliot waves have become old-fashioned and few traders look at them anymore. Here are the counts as I see then recent downward impulse. We have completed the A-wave corrective and are likely about to see how low the B-corrective will be.
Voo-doo. The Elliot Waves are usually only apparent to me after they are completed and I find them useless for trading. The low sentiment and oversold technicals from last week are pretty much played out. My guess is that we trade in a low volume range here .