Silver – The ‘Weaker Sister’; Weekly Trend & Monthly 2CR Sell Signals Project Likely Drop to Nov. ‘18 Lows.
Silver – The ‘Weaker Sister’; Weekly Trend & Monthly 2CR Sell Signals Project Likely Drop to Nov. ‘18 Lows.
03/29/19 INSIIDE Track: Gold & Silver surged into Feb. 19 – 22, fulfilling a myriad of weekly & monthly cycles while attacking decisive (extreme) resistance levels and upside targets. They fulfilled most or all of what was expected from this initial 3 – 6 month uptrend.
That was projected to usher in a much sharper correction that could see Gold drop to 1270.0/GC… Based on Silver’s weekly trend pattern – which was unable to turn positive during the rally into Feb. 20 – it could even attack its Nov. ’18 low with support and wave targets at 14.150 – 14.350/SIK…
The action leading into Feb. 20 triggered a new sell signal for 3 – 6 month & 6 – 12 month traders to exit more longs and look for a sharp correction…
3 – 6 month & 6 – 12 month traders & investors could have exited long positions in Silver w/avg. overall gains of about $6,300/contract (in futures).
Look to re-enter long positions (futures, cash, ETFs, etc.) when the May futures are trading at 14.350 down to 14.050. Risk/exit on a weekly close below 13.650/SIK.” TRADING INVOLVES SUBSTANTIAL RISK!
Silver remains the ‘weaker sister’ after peaking in lockstep with a myriad of weekly & monthly cycle highs (Feb. 19 – 22, 2019) and while signaling a textbook ‘failure’. Based on its weekly trend pattern, it should see a drop back to its Nov. ’18 low. That was reinforced with a monthly 2 Close Reversal lower on Feb. 28 – a sell signal that projects 2 – 3 months of downside follow-through.
What Should Silver Do After it Retests its Nov. ’18 Low?
Refer to latest Weekly Re-Lay & INSIIDE Track publications for additional details and/or related trading strategies.