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SLV gapping over the decade old Fan Line
Silver gapped up to the 100% Fib projection of Friday’s
rally off the low and that was it. That ended an A-B-C corrective
I will update on why I posted the chart of the bitcoin low as it
occured earlier today, but here is an update for now.
The 9 at the .618 is essentially the inverse of the -13 at the
bottom of the Fib fork channel when I shared earlier.
Trapped below the downtrend and the rising median line.
Consolidating for a move
A program came into BTC and took it from 36000 to 43000 all the
while with bids being hit and offers being taken 500-750$ apart
almost simultaneously. It disappeared only to return a few more
times and move things a few thousand points in the same
Anyone watching this program going crazy in bitcoin?
Got a nice scoop at 36,587
Btc. There is the .50 retracement print I said to expect
GLD confirming its new channel lines by reversal off the center
pivot. Hopefully, we see the expected backtest of its
breakout from the downtrend line and it is successfu.
There is nothing out of the ordinary here. It broke the .382
retracement earlier after hammering away at it repeatedly. The
expectation is that this would result as the next target is the
.50% retracemnt in the 37s. This is how bear markets
For anyone not aware, today is a Fib turn window with price at a
major Fib retracement.
People tend to view horizontal resistance levels as binary. They
absolutely are not. That is especially true when they actually are
not horizontal (resistance has been declining in SLV since last
Aug). In this case, that resistance line, which is the Fib fan line
from 2011 has been compressing price, not simply rejecting it as
common resistance does. What that all means is that at this point
in time resistance should be expected to fail and release the
compression. That is a completely different scenario than when that
fan acted as resistance when it first hit last Aug. Furthermore,
the expectations for the initial move are simple....34$. That is
the height of the 7pt base from the classic resistance level at
27$. It is no coincidence 34 is the .618 retracement to 2011 high
where the Fib fan line originates.
SLV back to the top of its six week channel.
After consolidating below the Fib Fan line from 2011 that I
discussed last week silver is now forging its attack to break
This is a good primer for understanding why Elon caved to the
liberal ESG crowd, and why no other public companies will be
willing to touch it any time soon.
That move was all about taking out the stops below the old swing
low at 47000 ish. As a general rule, you wont see a decline like
that run to a fib retracement (42000) when there are no recent
swing lows near by with which to trigger stops to cover short
Another view of apple showing how significant this level is to
the whole market.
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