Silver looked very vulnerable to a sizeable decline due to stiff fibonacci resistance in the chart below, which was posted on 1/4. (see post here) In that post it was suggested to put “very tight stops into place.”
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Silver stock ETF (SIL) update…
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I shared last week that some of the metals had fallen 15% since their highs and I ask if 15% was enough? (see post here) The “power of the pattern” suggested it wasn’t and further weakness continues.
B…Personally I did short. So many people are fans of the metals and I have done my best to show in many ways why they should harvest. To me helping people capture gains is more key than even scoring on defense. I suspect that many have noticed over the last year, that when the patterns suggest to harvest, aggressive investors are presented with a low risk option to score on defense. I am not a bull or bear on the metals, just respecting what the patterns have suggested to do of late.
Speaking of metals, heck of a break of support in the copper complex today.
Chris did you end up shorting silver recently or just sitting out the move?
Kevin….way to go, per adjusting holdings when the the “power of the pattern” suggest for us to do so! Better to say good bye to a holding or good bye to portfolio values? Can always buy it back.
Thanks Chris, my ZSL calls are doing very well this week!
(I’ll try hedging vs. closing out any long-term holdings, sometimes I just hate to say goodbye, LOL!)