Silver May be About to Move

• Posted by Greg Harmon
• on August 10th, 2011

Gold has been flying on the global crisis in the markets. Moving over $200/oz in just a few days. But Silver ($SI_F) has not had the same positive performance. They do not always move together but a large move by one often trigger the other to move to get the ratio back to a reasonable level. And the charts for Silver look ready to make that move. Start with the weekly Fibonacci chart below.

Support has held at the 23.6% fall back level at 37.94 well and is moving towards 40 again, with series of higher lows and higher highs. Positive on this view. And viewing the Elliott Wave chart below that Silver may be completing wave 2 within the wave V move higher. If wave 2 is in

then it is in for a ride higher. And the Andrew’s Pitchfork analysis shows this may be the case as well. Notice that it is heading higher to the Upper Median line of the bearish Pitchfork near 46 and then there is the Upper Median Line of the bullish Pitchfork over 50 above that. This does not guarantee a move higher, but it looks like the final print on these weekly charts can give us the final word. Be prepared.

As always you can see details of individual charts and more on my StockTwits feed and on chartly.)

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus