"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
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?
ReplyDeleteProbably just under the main red trendline, it should be the last area of consolidation before the final plunge into the high 20's.
ReplyDeleteHi SC - been following along for a couple weeks. Some amazing calls I will say! Still expecting a pull back in the SPX this morning?
ReplyDeleteProbably waiting for Gold to finish it's rally. Silver is trading weaker than Gold today.
ReplyDeleteSorry - was referring to the S&P.
ReplyDeleteWe 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.
ReplyDeleteOverall I still see it pushing up to the 1315 area.
Thanks... wasn't sure if that little "down" section was what you were looking for or not. Wasn't much.
ReplyDeleteWe could even dip for a day or two here.
ReplyDeleteAnonymous 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.
ReplyDeleteI 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
another move under $35 for SLV should finally result in a breakdown
ReplyDeleteDecent selloff all around into the close!
ReplyDeleteSC you still think we'll be going up to 1315- 1320 ?
ReplyDeleteYes, I think this is just a dip and then push higher.
ReplyDeleteHi SC
ReplyDeletewhat 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?
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.
ReplyDeleteThank you SC for the update on silver
ReplyDeleteAll the best TC...Silver futures down a fair bit as I am writing.
ReplyDeleteThe pink fork line just above the yellow line stopped the rally, and then the decline started.
not looking very bouncy this morning, what do you think SC?
ReplyDeletenice call on PMs.
ReplyDeleteBlake, 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.
ReplyDeleteSPX 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?
ReplyDeleteExcellent on silver call SC.
ReplyDeleteSC- so you think we will push down further now to a new low prior to a bounce? Thanks
ReplyDeleteGreat call on silver SC. On point as usual.
ReplyDeleteLooks like we hit SC's target around 34.4 on SLV. I covered half of my short position.
ReplyDeleteRegarding 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.
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.
ReplyDeleteSilver 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.
Not much downside for Silver, and then should start to consolidate sideways again.
ReplyDeleteIt can grind lower, but doubt we would see much lower than $33.90 for SLV short term.
ReplyDeleteOk SLV at the target now.
ReplyDeleteFinancials firming up a little, so let's if this low holds now for SPX...
ReplyDeleteSPX to close above 1280??
ReplyDeleteNice bounce, Financials aren't really following through. Maybe not too much more upside on a short term basis.
ReplyDeleteBob let's see if we get the 1280 close. It's going to be close. Probably in for some sideways next.
ReplyDeleteSame for SLV.
Hi SC
ReplyDeleteyou think SPX and SLV will bounce up tomorrow? such huge drop today.
Thanks!
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.
ReplyDeleteGameplan has been working well, overdue for some chart updates!
ReplyDeletenice close today. good luck all tomorrow and next week.
ReplyDelete