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Brent ,
I was long for a scratch in silver a while ago. The first leg down from
the highs was 180 cents followed by a retracement of 110 cent, second
leg down 180 cent again. a 110 cent ret would be 600, 38.2% is ~560 and
61.2% is ~605.
I didnīt buy yesterday, since I have this feeling that all markets are
tied to the asian situation and I didnīt want to be long over the
weekend. Short term indicators point lower, but silver holds up quiet
nicely overall. Maybe a break below the triangles trendline - which I
guess will be a false breakout - might be a good buy.
Overall I think that the market looses the volatility that came in after
the announcement from ....., you know - the guy who bought all the
silver. donīt have his name right now.
And if this guy bought silver, he has good reasons for it. Heīs a long
term investor, so we might see the s/d situation pushing it slowly up
over the long run. But since we canīt depend on the long view for
trading who cares. Just might be a nice entry for a trade, that could
turn out to have potential for the long term.
Time will tell - Ulrich
BrentinUtahsDixie wrote:
> RT's,
>
> Is anyone looking at Silver, it looks like an ascending triangle is
> developing but the recent trend is down. Is this a fake-out? It kind
> of
> looks like a number 4 pullback in EW counts. My LT charts of Silver
> are so
> scrambled up I can't get a LT indication out of it.
>
> Brent
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