Silver Simple Charting, Moving Averages, and Some Volume
The chart is (hopefully) well labeled so I can focus predominately on analysis. The stepped purple line is the 50 week EMA which has been programmed to show on the daily chart and we have clearly found support on it once around August and then we are currently testing it as support.
The 100 day simple moving average is currently acting as resistance and I suspect that very shortly we sill see the falling wedge structure perform and these perform 60% of the time to the upside based on chart patterns alone.
We have two red lines, and with the current chart formation the price action is still fining support. When we slipped the first red line we entered into a protracted downtrend that was damn near a 99% retracement. I don't think we will face another 99% retracement, but I do see a high probability of price action impulsing past the the 100M EMA to consolidate just as we have done after getting past the 50M EMA. The green oval is roughly in line with were we woul expect the 100M to be shortly.
I have made frequent use of the Bollinger bands set to the 3rd or 4th standard devation and I shall do so again, this time in conjunction with the VPVR. The VPVR shows we have a lot of price by volume around $19.57, which is where I would expect most of our consolidation to occur around. This will give the BB a chance to start channeling up or expand. I definitely think this next move will wick out of the BB on the monthly chart and I hope to see something similar to what we saw at the green arrow in the chart below, where we consolidate a bit for a month and then proceed upward. There is a strong probability that we test the trendline that is currently acting as resistance in this consolidation pattern.
The 100 day simple moving average is currently acting as resistance and I suspect that very shortly we sill see the falling wedge structure perform and these perform 60% of the time to the upside based on chart patterns alone.
We have two red lines, and with the current chart formation the price action is still fining support. When we slipped the first red line we entered into a protracted downtrend that was damn near a 99% retracement. I don't think we will face another 99% retracement, but I do see a high probability of price action impulsing past the the 100M EMA to consolidate just as we have done after getting past the 50M EMA. The green oval is roughly in line with were we woul expect the 100M to be shortly.
I have made frequent use of the Bollinger bands set to the 3rd or 4th standard devation and I shall do so again, this time in conjunction with the VPVR. The VPVR shows we have a lot of price by volume around $19.57, which is where I would expect most of our consolidation to occur around. This will give the BB a chance to start channeling up or expand. I definitely think this next move will wick out of the BB on the monthly chart and I hope to see something similar to what we saw at the green arrow in the chart below, where we consolidate a bit for a month and then proceed upward. There is a strong probability that we test the trendline that is currently acting as resistance in this consolidation pattern.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
~Nathan Explosion
~Nathan Explosion