Silver ETF’s (SLV) pattern looks almost like a “hockey stick” of late! This morning SLV is hitting a key Fibonacci expansion level at the top of a steep rising channel at (1) in the chart below.
CLICK ON CHART TO ENLARGE
See this post for Silver target based up its 30-year price pattern. (see post here)
Hi Chris, ever since a friend pointed me to your site I’ve been loving it. uncluttered site, comments and charts to the point. I thank-you for the help and education.
Given what’s happened the past few days to silver(SLV) do you think this might be another opportunity (for those that missed your first post on this subject) to pick up some ZSL?
KY…LOL, did SLV read my post!
I hurred to get that post out today….I have been waiting on this puppy to hit key levels.
Did we find out that ole Uncle Fibonacci is stronger than superman???
I know of a few handfuls of people KY that jumped on the inverse etf, ZSL due to the post and picked up a sweet 10% this afternoon. I do my best to find these for readers. If anything, those long could have harvested, maybe within 30 minutes of the highs!
Jeff,
Will post the chart later, SLV may have one of the biggest upside wicks EVER SEEN! Well I was making that up, but will have a big one.
I posted the chart within an hour of the high. I do know several people that bought ZSL at this key resistance level and already are up 10%…Buying ZSL is not for the faint of heart!
SLV has “UNFILLED” downside gaps, still almost 10% lower. SLV needs to cool off more that most will suspect IMO!
SLV took a “slap shot” backwards from that hockey stick this afternoon. Not sure whether to buy on the dips or prepare to play some defense.
Defense (inverse silver) sounds appealing after this historic runup in prices, but perhaps foolhardy in the face of QE2, QE3…
Perhaps, peace and quiet on the sidelines is best!
Best Regards
Jeff
Huh? Did SLV read your post today?
Wish i had the guts to short it when your post came out, but the past several times i did that on other positions, i got screwed.
how do we take advantage of these situations, or how i get past the constant frustration of missing moves like this? An intraday drop of >8% would’ve been a nice short.
I am on the sidelines. Dollar up despite QE2. Rumblings of Irish and Greek default again. I guess that is what makes it so interesting. Maybe time to buy the VXX?