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Thursday, June 23, 2011

Silver - ST Target Hit

The short term target was hit today, and that can hold as a bottom for now.  Next, I expect some sideways trading with possible re-tests of near today's low. 

A small bounce back to approximately $35 is the next short term target.  However, it would be smart to be cautious as according to my patterns a much larger decline is nearing.  The main Red trendline was breached today for the first time, and that is a warning of a large plunge approaching for Silver.        

30min Chart
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14 comments:

  1. SantaJune 23, 2011 at 2:57 PM

    Hi SC

    Do you expect the samething happening with SLV will happen with SPX? or is today's low is the lowest, and it will start to move toward your target with 1300+?

    outlook for tomorrow with SPX?

    Thanks!

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  2. SCJune 23, 2011 at 3:08 PM

    For tomorrow I don't have big expectations for SPX. I do think the short term low was in today. Sideways seems likely tomorrow as things settle.

    I'm going to review and fine tune as we go, but I think we can see 1315 area in time for 4th of July.

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  3. SCJune 24, 2011 at 6:51 AM

    Sure enough the futures fizzled and we're flat.

    SLV retesting the lows.

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  4. BobJune 24, 2011 at 7:49 AM

    didn't think it would drop close to 1270 today :)

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  5. AuAgBuyerJune 24, 2011 at 8:03 AM

    Closed my slv shorts

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  6. lixJune 24, 2011 at 9:33 AM

    SC do you still see a bounce to 35 or does todays low, being lower then yesterdays low, change your projections?

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  7. SCJune 24, 2011 at 9:40 AM

    Same plan, sideways first (maybe even up to a few days), then bounce to around $35 area.

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  8. AuAgBuyerJune 24, 2011 at 11:16 AM

    SC, may be not the right question ur thoughts on gold, I'm didn't think it wud hit this price.

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  9. SCJune 24, 2011 at 11:59 AM

    I would have to look further at the specifics for Gold short term levels. In June the pattern indicates increasing volatility, and large moves coming. It is at a spot where it can bounce. I'll have a closer look at the short term over the weekend. I have a plan for Gold this summer, and longer term (haven't shown that yet).

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  10. BobJune 24, 2011 at 12:42 PM

    SC,
    Do you see a rally on SPX coming before the Greek austerity vote next week?

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  11. SCJune 24, 2011 at 12:46 PM

    I think so, and I see the financials are starting to trade slightly firmer into the close.

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  12. SpudthorpeJune 26, 2011 at 4:02 PM

    ES is making its fourth touch on the trendline off the March 2009 lows (the other touches were 5/10 and 8/10). I would guess it bounces this time also. Here is a chart.

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  13. SpudthorpeJune 26, 2011 at 10:04 PM

    Dollar index futures are kissing up against a broken support trendline (now resistance). They are also overbought and the 60 min stochastics are starting to roll over. This would be a reasonable time for DX to take a break for a few days, permitting negatively correlated markets (precious metals, stocks) to rally for the time being. Here is a chart.

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  14. SCJune 26, 2011 at 10:37 PM

    Thanks very much for the charts - tend to agree.

    ReplyDelete

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