Posted by steve101 on 29th of Jan 2017 at 10:15 am
Last weekend, I provided you with the relevant support levels,
above which we must maintain a bullish bias:
The support in silver resides
between 16.10-16.50. . . As far as the GDX is concerned, our main
support resides between 20.50-21.65. . . In GLD, the relevant
support resides between 110.50-112.65. Should we see a
strong break out over the highs struck this past week in GDX, as
well as silver taking out 17.50, that is our trigger telling us the
market is likely heading back up towards the August highs to
complete wave 1 of wave iii. For those following us this past week
in our Trading Room at Elliottwavetrader.net, you would know that
we had a completed downside structure in place right before the
market took off to the upside on Friday. However, that does not
mean that we are certainly about to take off immediately to the
August highs based upon that micro-structure. Silver still only has
completed 3 waves off Friday's low. That means we CAN see another
downside move before we begin the rally towards the August
highs.
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Avi GIlburt, Sentiment Speaks, this morning Seeking Alpha article excepts
Posted by steve101 on 29th of Jan 2017 at 10:15 am
Last weekend, I provided you with the relevant support levels, above which we must maintain a bullish bias:
The support in silver resides between 16.10-16.50. . . As far as the GDX is concerned, our main support resides between 20.50-21.65. . . In GLD, the relevant support resides between 110.50-112.65. Should we see a strong break out over the highs struck this past week in GDX, as well as silver taking out 17.50, that is our trigger telling us the market is likely heading back up towards the August highs to complete wave 1 of wave iii. For those following us this past week in our Trading Room at Elliottwavetrader.net, you would know that we had a completed downside structure in place right before the market took off to the upside on Friday. However, that does not mean that we are certainly about to take off immediately to the August highs based upon that micro-structure. Silver still only has completed 3 waves off Friday's low. That means we CAN see another downside move before we begin the rally towards the August highs.