The quoted #Silver 4-hour chart shows a text-book inverted HEAD & SHOULDERS that played out perfectly and reached its $53.6 target.
I usually take profits on text-book breakouts, but this asset is an exception as I have higher targets in mind.
The attached 6-hour chart shows a correction that started after markets closed last Wednesday, followed by a wider market correction. Top stocks were bleeding heavily as well.
So many “traders” are calling this a DOUBLE TOP and they are just wrong.
Way too early imo, as
SILVER is likely in a clear WAVE 5 rally during a re-accumulation phase (hence the rectangle with a breakout point at $54.5 and targeting $65.1). WAVE 5 on the daily, 12-hour and 6-hour charts. I like this confluence in EW.
RSI is oversold now, just like it recently was at the bottom of the inverted H&S. The 50 MA is acting as dynamic support at $49.6, and the 200 MA at $47.4 can be used as an invalidation point for my bullish thesis.
A dip to $47 would be fine as long as it gets bought up quickly. I will add to my long with conviction between $47 and $50.
Take-profit levels from my previous SILVER post remain unchanged.
$50 is dirt-cheap and people will realise it soon.
👽💙
I usually take profits on text-book breakouts, but this asset is an exception as I have higher targets in mind.
The attached 6-hour chart shows a correction that started after markets closed last Wednesday, followed by a wider market correction. Top stocks were bleeding heavily as well.
So many “traders” are calling this a DOUBLE TOP and they are just wrong.
Way too early imo, as
SILVER is likely in a clear WAVE 5 rally during a re-accumulation phase (hence the rectangle with a breakout point at $54.5 and targeting $65.1). WAVE 5 on the daily, 12-hour and 6-hour charts. I like this confluence in EW.RSI is oversold now, just like it recently was at the bottom of the inverted H&S. The 50 MA is acting as dynamic support at $49.6, and the 200 MA at $47.4 can be used as an invalidation point for my bullish thesis.
A dip to $47 would be fine as long as it gets bought up quickly. I will add to my long with conviction between $47 and $50.
Take-profit levels from my previous SILVER post remain unchanged.
$50 is dirt-cheap and people will realise it soon.
👽💙
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.