Back in August, I shared that a rather large “ascending triangle” had formed in Silver and that 65% of the time, this pattern suggested much higher prices were in store. See chart below per the pattern (see 8/18 post here) Silver was trading at $18.40 per ounce at the time of the post.
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Below is a current snap shot of Silver.
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Silver is fast approaching a percentage gain that saw prior rallies run out of steam and is near a key fibonacci 30-year retracement level. For those long, I would not sell right now, yet sure would take measures to protect gains.
Jeff….The silver post yesterday, the 4 pack on metals today and the situation of the CRB would suggest to NOT be too quick on the sell trigger with ZSL.
Looks like I was lucky not to give up on ZSL (up 7%).
Now…. when to get out!
JB…looks like you were onto something yesterday! Great observation!!!
Interesting upside wick today.
But its not the first time this has happened and I’m weary of being on the wrong side of this trade.
What to do, what to do…
Best Regards,
JB