SLV seems like it's beginning it's move up. Price had trouble continuing with its drop downwards. Because supply was unable to push price down a hint was given that perhaps supply has exhausted for now. Notice the large number of closes around 21 level. (Something alone these lines was also mentioned in the Wyckoff 1930 analysis).
The price is rising now and may be a reasonable opportunity for those you want to go long. Stops can be suitably placed below some support or swing low. On the weekly chart this could be a rise or test after the low at 18.
The only part of concern is the free fall drop price had a few days ago. A gradual drop is more indicative of demand and accumulation than a rapid fall. Trading is never perfect and we simply at times have to roll the dice. Our biggest advantage is our ability to exit when what we expected doesn't pan out.
I'll also try to attach the shorter bar interval of the hourly silver (futures) chart. It shows a hinge being broken to the upside. Now there may be a retracement and all, and conditions might change, but I expect most who are trading have some kind of a plan to exit and manage their own trades, instead of relying solely on some unknown internet guy, namely - yours truly.
Gringo
p.s. I wish it were possible to post multiple charts to each post.
The price is rising now and may be a reasonable opportunity for those you want to go long. Stops can be suitably placed below some support or swing low. On the weekly chart this could be a rise or test after the low at 18.
The only part of concern is the free fall drop price had a few days ago. A gradual drop is more indicative of demand and accumulation than a rapid fall. Trading is never perfect and we simply at times have to roll the dice. Our biggest advantage is our ability to exit when what we expected doesn't pan out.
I'll also try to attach the shorter bar interval of the hourly silver (futures) chart. It shows a hinge being broken to the upside. Now there may be a retracement and all, and conditions might change, but I expect most who are trading have some kind of a plan to exit and manage their own trades, instead of relying solely on some unknown internet guy, namely - yours truly.
Gringo
p.s. I wish it were possible to post multiple charts to each post.
