Replies to post #36314 on Elite Swing Trades

[123tom]

Thanks for those posts SK,and the welcome...I appreciate it.

I spend alot of time looking at charts. Ive come to appreciate the set up I use.the combination of tools have shown pretty reliable swing target zones in recent years.

Between the Ichimoku cloud, the Bollinger bands, 200ma/50ma Fibonacci retracement and Fib Arcs,occasional andrews pitchforks, basic trend lines ,the channels that flow along the Ichimoku cloud... the target zone in the cloud channel...yet to be broken since 2011 turned down.
I also look at candlesticks and count elliott waves.

My basic set up....

spot silver....looks like big resistance from 18/19/20 area... The volatile zig zag pattern you describe could be developing. The last rally was an ABC wave. The last downwave seems more like one straight line down, without much of any wave 2 or wave B bounce in February. Its always a bit tricky at times how the pattern takes shape. But I think the bias remains looking down, with expectation of strong resistance capping silver starting at 18.It will be interesting to watch price action from 18 to 20. There are some Fibonacci target numbers that might suggest a bottom zone around 13.50 area but its too soon to forecast I think.

http://content.screencast.com/users/tabtom123/folders/Jing/media/a02da9e5-07a2-4033-b225-ae83c171313e/2015-04-05_0430.png

Anyway, I'm always interested in seeing what technical charting others do.
good trading to you.
T