SLV eyes on $29.48: first/best of 3 possible supports for longs

Nov 4

This is in conjunction with my big picture Silver chart (click).

SLV has had a significant pullback that may be done.
Ended last week dancing on a pretty serious support.
Ideally this is bottom, or should at least bounce a bit.

$ 29.37 - 29.48 is the immediate and best support
$ 28.83 - 28.89 is the next and moderate support.
$ 28.37 - 28.40 should be strong and is CRITICAL.

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Nov 5

Trade closed: target reached

POP! Scalp target hit.

Perfect bounce to dashed (Covid) fib at $29.96.
(yellow shaded area is from posting time).

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Zoom in (m5)

Perfect Fib-to-Fib bounce (a Genesis to a Covid)

That covid fib is sister to our Golden topper:

That "Ping" on Golden sister said watch the others.
So when our longs hit sister fib, was a good exit.
Such scalps are best for trading with options (calls).

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It is day before the US elections so exit and wait.


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Nov 7

Note

PLUNK

Trump win dropped it through 3 supports.
BUT, the red 11.089 at $28.10 caught it.

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Zoom in (m15) with some notes

$ 28.37-28.40 would be nice to hold.
We now have two resistances above.

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We may have a "bottom", but if not:

$ 27.26-27.32 is a "Semi-Major" support to hold.
$ 25.83-26.05 is "Bulls' Last Stand", much Doom below.

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SUMMARY:
- Trump win was not good for metals.
- Hopefully we have a temporary bottom.
- If not, we have two more supports to watch.


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