As of the end of Monday the 17th, silver is getting up near a vertical tangent to the french curve drawn on the above chart. Prices do not move vertically on financial charts. Something is up! Also, it can be seen that silver is near the top of its short 3 week long channel, not that prices can not move out and up from a channel some. What else can be seen is an equal spacing tool puts a point a hair to the left of the vertical tangent to the french curve.
On top of those 3 elements, silver is up 7 days in a row which is rare. 8 and 9 days in a row have happened on charts, but rarely. In silver's channel, silver has gapped up 4 times.
These 5 indicators say silver is getting close to a top. History says 2-4 days more. How about Thursday or Friday of this week.
This top is just a temporary one. Who knows how long or how low the reaction will be. Ultimately, silver should make it up to around US$ 200-300 per ounce. Maybe a whole lot more if the Fed really gets carried away with hyperinflation: creating US dollars out of thin air, competing with US dollar counterfeiters, in much larger amounts than normal.
No comments:
Post a Comment