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Tuesday, June 21, 2011

Silver - Update

On June 7th I said the following regarding SLV:

"Fibonacci fan supports at $35.25 were tested hard last week, and unlikely to hold on another test.  The main Red trendline rests in the low $33.00 area."

The Fibonacci fans were broken shortly thereafter, and the result was a steep selloff to the main Red trendline as shown on the chart below. 

The next short term target is in the proximity of the green arrow.

30min Chart
 

37 comments:

  1. Thanks SC- Interesting, so you are looking for some additional sideways action in silver prior to a larger sell off to the 20's, or is do you think this silver rally is over and that around $34 is just a bump in the road to the high 20's?

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  2. Probably just under the main red trendline, it should be the last area of consolidation before the final plunge into the high 20's.

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  3. Hi SC - been following along for a couple weeks. Some amazing calls I will say! Still expecting a pull back in the SPX this morning?

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  4. Probably waiting for Gold to finish it's rally. Silver is trading weaker than Gold today.

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  5. Sorry - was referring to the S&P.

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  6. We did see a dip this morning, sure didn't last long. I don't think the mkt is ready to push higher right now. It needs to consolidate further, and so there is time for another dip.

    Overall I still see it pushing up to the 1315 area.

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  7. Thanks... wasn't sure if that little "down" section was what you were looking for or not. Wasn't much.

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  8. We could even dip for a day or two here.

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  9. Anonymous said...Hey SC..hope all is going well. It has been a fund few days, that is for sure. Now watching the 5th wave play out. I am expecting this to complete either a wave 1 or A. Once it completes, I believe we will see a choppy downward move into our next turn date next week.

    I am actually making the turn date calnedar available..on a test trial. I am not sure if I want to make it a seperate product or not. But overall, they have been pretty spot on for the last 45 days..only 1 miss out of 7 turns.

    The total turn points from high to low..low to high (not tradeable..as some overlapped each other..but more for grading purposes :) it has produced 147 spx points. Again. not a realistic trade, but measuring the trun dates, they have worked.

    Anybody interested in just the turn dates for June/July..here is the link. Not a bad tool to have in your trading kit. G-

    http://mpturndate.blogspot.com

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  10. another move under $35 for SLV should finally result in a breakdown

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  11. Decent selloff all around into the close!

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  12. SC you still think we'll be going up to 1315- 1320 ?

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  13. Yes, I think this is just a dip and then push higher.

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  14. Hi SC

    what you think the action is like for tomorrow with SPX? would today near end market dip with SPX last for a few days before the next bounce to your target level? how low will this dip go you predict?

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  15. I have a plan in place, and so far the gameplan has been working well. This is also a good spot to review the short term carefully. So I'm going to do that here, and I'll have more specific details. I plan to post charts on that as well. Thanks.

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  16. Thank you SC for the update on silver

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  17. All the best TC...Silver futures down a fair bit as I am writing.

    The pink fork line just above the yellow line stopped the rally, and then the decline started.

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  18. not looking very bouncy this morning, what do you think SC?

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  19. Blake, probably not too much of a bounce yet, declines might be slower from here though. Still more to go, but not far from the short term target.

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  20. SPX pulled back more than I expected this morning, testing the 1267/68 level again. They always do seem to push these markets further both ways just to make it interesting. What's your thought's SC?

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  21. Excellent on silver call SC.

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  22. SC- so you think we will push down further now to a new low prior to a bounce? Thanks

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  23. Great call on silver SC. On point as usual.

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  24. Looks like we hit SC's target around 34.4 on SLV. I covered half of my short position.

    Regarding the SPX, I am not too worried about this drop. It was a 78.6% retrace and an ABC correction where A=C. I took a long at 1261 ES; I'll stop out if we break the recent lows.

    Here is a chart.

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  25. SPX might stabilize around the lows but premature to say. I'll wait for the dust to settle prior to making the next move. Glad I recognized the dip yesterday.

    Silver seems that it can grind lower to me. What I show above is the first step in my plan. The more exciting ones come next.

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  26. Not much downside for Silver, and then should start to consolidate sideways again.

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  27. It can grind lower, but doubt we would see much lower than $33.90 for SLV short term.

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  28. Ok SLV at the target now.

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  29. Financials firming up a little, so let's if this low holds now for SPX...

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  30. Nice bounce, Financials aren't really following through. Maybe not too much more upside on a short term basis.

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  31. Bob let's see if we get the 1280 close. It's going to be close. Probably in for some sideways next.

    Same for SLV.

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  32. Hi SC

    you think SPX and SLV will bounce up tomorrow? such huge drop today.

    Thanks!

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  33. Financials were still a little lackluster so I think we might be in for some sideways for both tomorrow as things firm up. Then rally after that.

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  34. Gameplan has been working well, overdue for some chart updates!

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  35. nice close today. good luck all tomorrow and next week.

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