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After being clearly overbought and popping outside of the weekly upper Bollinger Band, silver has now quickly made its way back to the middle band–That being the 20 period weekly moving average. What now? I think any longs should have a stop-loss in below the 20 period weekly, roughly below $33.80. Beyond that, if the middle band cannot hold, then a test of the lower BB cannot be ruled out.
However, I am still looking for a multi-week or even multi-month consolidation in silver after this initial leg down. Overall, silver remains in a powerful bull cycle, and I would be out of line calling “the” top here. Forecasting what will happen a year from now is not what I do, nor what I need to do. Instead, I am simply focused on analyzing the next directional move, if any, several weeks or a few months out.
wouldnt SILVER coming to the lower B band be a better buy (~23)?
sure…if it gets there
Chess, do you think gold will consolidate as well before a final C wave parabolic push?
That scenario is likely, yes. In the meantime, I think miners can outperform.
yes,it’s time for the miners to get some. indued
indeud
I suggest using B. Band “Bands” Chess. Add a new set of BB’s with a SD 1. This is from currency trader Borris Schlossburg. The congestion area between SD 1, SD 2 and a mid range (20 SMA) can provide further regions for indications of potential movement. As you’ve said, no need to pick tops or bottoms, but yes, I think $ 22ish lower band, technically, is “irrational.” Being that this is time stamped and have a dog in the fight, “time will tell.” Thanks for ideas.
nice