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Wednesday, February 16, 2011 11:55:49 PM
Not so fast $SILVER - Double-top?
Pullback likely, saw front-page silver article yesterday on yahoo finance (very rare occurence!) - "technical traders" saying it "brokeout" - and I was trying to figure out what they based it off of and all I could see was because it traded above $30 for 4 straight sessions, wow what a joke?
Either way, it's at mighty resistance here, and if I wanted a healthy breakout to occur, I'd say give it AT LEAST another week or two before you make any plans!
Just my opinion, and if it breaks out, so be it, but I'd like nothing more then to the cup meet its cousin, the handle, at pennant station... if y'know what I mean...
Target ("fibonacci are you listening") dates Fri Feb 25th -(through)- Thurs Mar 3:
Also of note, there's some options expiring this Friday, $30 continues to be psychological and I wonder if it will be "allowed" to close above it? I guess we'll know within 40 hours.
And how about $GOLD? How sweet would another retest of the 150 day MA be, pullback into Friday February 25th, price of about 1333 giving the bulls one last GOLDEN OPPORTUNITY!
Surprising "bearish" post from me here, huh? Let's see what happens, ANYTHING is possible in a hyper-bull market, so predicting a pullback that will last longer then a week is pretty bold especially in the face of escalating global tensions and currency wars!
I will say, if my prediction remotely comes true, the chart will be just what I want for the month of March, I just hope my overconfidence at that point doesn't do me in! But get ready, March is going to be a wild month with the way the charts are setting up!
P.S. - Are today's doji's bearish and a sign of a short-term pullback as I'm predicting???
P.S.S. - How many silver traders are lined up and salivating at this point if $ILVER does close at a new high? That's probably one long line...
Pullback likely, saw front-page silver article yesterday on yahoo finance (very rare occurence!) - "technical traders" saying it "brokeout" - and I was trying to figure out what they based it off of and all I could see was because it traded above $30 for 4 straight sessions, wow what a joke?
Either way, it's at mighty resistance here, and if I wanted a healthy breakout to occur, I'd say give it AT LEAST another week or two before you make any plans!
Just my opinion, and if it breaks out, so be it, but I'd like nothing more then to the cup meet its cousin, the handle, at pennant station... if y'know what I mean...
Target ("fibonacci are you listening") dates Fri Feb 25th -(through)- Thurs Mar 3:
Also of note, there's some options expiring this Friday, $30 continues to be psychological and I wonder if it will be "allowed" to close above it? I guess we'll know within 40 hours.
And how about $GOLD? How sweet would another retest of the 150 day MA be, pullback into Friday February 25th, price of about 1333 giving the bulls one last GOLDEN OPPORTUNITY!
Surprising "bearish" post from me here, huh? Let's see what happens, ANYTHING is possible in a hyper-bull market, so predicting a pullback that will last longer then a week is pretty bold especially in the face of escalating global tensions and currency wars!
I will say, if my prediction remotely comes true, the chart will be just what I want for the month of March, I just hope my overconfidence at that point doesn't do me in! But get ready, March is going to be a wild month with the way the charts are setting up!
P.S. - Are today's doji's bearish and a sign of a short-term pullback as I'm predicting???
P.S.S. - How many silver traders are lined up and salivating at this point if $ILVER does close at a new high? That's probably one long line...
HI-HO SILVER !!!
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