Friday, November 27, 2015

[SLV] update

The primary bearish model from the backlink was busted in what could be counted as a motive wave up.  This is why, while I was stopped out today for reasons of discipline, I have not given up on hopes of DRD busting out through the top rail which recently provided resistance and formed a DDT.

So far in SLV my commodities bottoming call has held from August (left arrow) and the current wave could be at the bottom of a deep vee second (just like UVXY... as if metals might be a hiding place in case of market turn down...) since it has not been able to create a lower low yet (right arrow). The next few trading days will be critical here.

1 comment:

Lilly said...

Grains (soybeans, corn, wheat) will reach a bottom any time now and it will be one of the best investments for 2016 according to Erick Hadik. My freeStockCharts monthly on WEAT (wheat)shows a super bullish MACD. The only short term negative perhaps is the small double tops on the daily which I am not sure if this pattern will play out (first peak 10.40, second peak 10.24) Target for double top is around 8.72. Any thoughts on WEAT?

So glad i discovered your blog! Thank you for sharing your work.

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