The top and bottom green lines have been exact bottoms. Only the middle one is left in order for all of them to be relevant. It is really close to it this morning. https://www.tradingview.com/chart/XAGUSD/2qu6p19u-Possible-consolidation-for-silver/
this guy is NOT a bear at all...watch the video...he just thinks that in order for a sustained rally of significance we need capitulation...wish I had the guts to short at this point but I don't...will stay in cash as not convinced of a blowoff bottom or anything for that matter.
sorry Sandy!Anyone can be wrong and these are theories...I just took a decision to go in about 15% now in miners as its simply stupid to assume that a capitulation may happen....I could be stuck with FOMO and zero shares.I went long the 2 etf's GDX ( 21.72 ) and GDXJ ( 31.18 ) just now with 15% cash...Still obviously hoping for lower prices but at least I am somewhat exposed in case I am wrong.Off to Punta Cana tomorrow on holiday!
Looking at silver COT data suggests silver may be poised for a rebound. Gold does not show the same characteristic.https://finviz.com/futures_charts.ashx?t=SI&p=d1https://finviz.com/futures_charts.ashx?t=GC&p=d1
To clarify, if you look at July and December last year, long commitment by large traders for silver was minimal and following, price increased. Similarly, commercial hedgers reduced their short positions at the same time. We have a similar situation now which is the pattern I see as potential to signal a coming rise in silver prices.Same for gold as far as the pattern in July and December last year, but currently the pattern is not repeating with similar amplitude as you have noted, so I do not see the amplitude in price move for gold, albeit gold should move up. That does not preclude a possible short term capitulation in either or both metals.
It really does help a lot. I am trying to help someone with a silver trade, I needed that 16.76 number. for a stop. Here is another silver chart and the text i sent with it to my friend. This is the best i could do to try to convey what i am seeing. Nikko, I take no offense from your comment, I need to know when what I am trying to show is not clear. And blunt truth can come across the wrong way sometimes in type. I'm sure it was not your intention. But I have nothing to fear from the truth.The pink lines are the end of month bottoms and the lt blue are the eom tops. the orange arcs "look" bullish but weren't the purple arcs "look" bearish but aren't .