Quickpost on the Silver

19 de mar. de 2020

I have been looking at this Macro falling wedge with intermediate descending triangle formation for a while now, and experience has taught me that there is always some wiggle room on the support before the bottom comes in. In my previous charting I had been looking at the 100-200-400-600 EMAs on the monthly target setting but I notice the price action at a lower level and it was suggesting reversal so I went looking and tinkered with my settings

I have been in a short silver EFT and based on what i saw I took all my profits earlier today as I saw the wicking at the 500W EMA. that seems like as good as any place to bounce in this falling wedge. The volume OBV EMAs suggest that the OBV proper might be finding support on the 20W EMA and bouncing from here. This sets up two main scenarios:

• SILVER TO THE MOON BRAH! The price action rides the 500W SMA out of the wedge and performs like an absolute beast. Price will go from 12 to about $25 to $36 as an interim target, which is a neat x2 or x3. Silver will at least go to the blue trend line to test it as resistance. This would be a great time to accumulate BRAH! Price action will get tight and if we tunnel into a lower timerame we should find some sort of BARR Bottom reversal.
  
• Silver bounces against the descending triangle support, which will co-incide roughly with the OBV facing the 100 OBV EMA and then drill down past the 500W EMA and set a lower low, say around $9.50. This is my majority scenario.
  
• Silver falls out the trap door, the 500W EMA support is breached very shortly.