With silver so close to 50 I'd be surprised to see a major drop
before it at least tests it. In fact, I'm thinking we push
into the 50's after a brief pause there. Gold and silver
usually correct hard together and gold is nowhere near as
overbought as it has been at previous highs in this bull market.
Time for gold 1650! :)
cufuzzy - yes possibly, silver is definitely close to $50.
Also using Fibonacci projection lines, the 1.618 Fib
projection comes in at $51.56, so we'll see! see the chart
Posted by oldtrader on 22nd of Apr 2011 at 12:09 pm
SLV has another 40 plus points before it crashes and burns,
remember those who said housing couldn't go higher and that was 2
to 3 years before it finally crashed. Silver is going higher than
most people think it will go.
everything is an asset which means it will be bubble at the end
of the day. No doubt Silver will go higher but needs to cool off
first before running into next leg up.
Its up over 50% YTD...and right now 20pts away from 200d which
is extreme divergence. $gold:$silver is at extreme lows never seen
which makes silver overbought here. $silver is at 90+ RSI which is
also an extreme overbought state and corrections may be short lived
but could be large $5-7 down move.
I use PPO/ ADX on daily chart to pick Major bottoms and have
never seen the two lines so close together. It always works over a
period of a week or so to pick the bottom. Good luck as T began
buying 6/42 SLV puts this afternoon.
All my charts are saying
Posted by jroger on 21st of Apr 2011 at 07:23 pm
All my charts are saying bottom, bottom, bottom for ZSL. That said, it has fooled us many times so far.
silver/gold
Posted by cufuzzy on 22nd of Apr 2011 at 10:38 pm
With silver so close to 50 I'd be surprised to see a major drop before it at least tests it. In fact, I'm thinking we push into the 50's after a brief pause there. Gold and silver usually correct hard together and gold is nowhere near as overbought as it has been at previous highs in this bull market. Time for gold 1650! :)
cufuzzy - yes possibly, silver
Posted by matt on 23rd of Apr 2011 at 01:05 am
cufuzzy - yes possibly, silver is definitely close to $50. Also using Fibonacci projection lines, the 1.618 Fib projection comes in at $51.56, so we'll see! see the chart
ZSL
Posted by oldtrader on 22nd of Apr 2011 at 12:09 pm
SLV has another 40 plus points before it crashes and burns, remember those who said housing couldn't go higher and that was 2 to 3 years before it finally crashed. Silver is going higher than most people think it will go.
LOL!!! Comparing housing to physical
Posted by jtverr on 22nd of Apr 2011 at 12:12 pm
LOL!!! Comparing housing to physical silver? What a joke.
everything is an asset which
Posted by coold on 22nd of Apr 2011 at 12:17 pm
everything is an asset which means it will be bubble at the end of the day. No doubt Silver will go higher but needs to cool off first before running into next leg up.
Its up over 50% YTD...and right now 20pts away from 200d which is extreme divergence. $gold:$silver is at extreme lows never seen which makes silver overbought here. $silver is at 90+ RSI which is also an extreme overbought state and corrections may be short lived but could be large $5-7 down move.
SLV bubble
Posted by sbwoman on 22nd of Apr 2011 at 04:18 pm
Don't you think it will drop by more than $5-7, more like $15-20???
ZSL
Posted by rbreese on 21st of Apr 2011 at 10:25 pm
I use PPO/ ADX on daily chart to pick Major bottoms and have never seen the two lines so close together. It always works over a period of a week or so to pick the bottom. Good luck as T began buying 6/42 SLV puts this afternoon.
ZSL is down but there
Posted by ditch on 22nd of Apr 2011 at 08:07 am
ZSL is down but there is still no sign of it starting to turn up either. Volume is certainly huge the last two days as the shorts bail out.
Keep shorting silver and you'll
Posted by jtverr on 21st of Apr 2011 at 08:09 pm
Keep shorting silver and you'll be more than fooled...you'll be flat broke!
Don't say that you are
Posted by coold on 22nd of Apr 2011 at 11:25 am
Don't say that you are buying at these levels when it is making parabolic moves which when fails gives up the entire move in a single day