Change of plans as my silver analysis is going to be graphs and words due to an inability to create another video at this time.
Silver has really been the place to be within the metals markets and outperfoming gold handily. My two favorite silver stocks are EXK and SVM and I missed entries on both of those, as well as the silver ETF (SLV) earlier this week. (Buy signal indicated by silver arrow below)
Even though my refusal to chase has kept me out of this market, I’m not about to start now. I’ll either get into SLV on a pullback or I’ll stay out completely.
You can see how silver has been a star performer, but I’m concerned about the length of the current base in relation to the large move from $17-30, and lack of a handle. It essentially bottomed at $26.03 and hasn’t looked back, and I would have like to have seen it base for another 5 weeks or so, to give this rally a better chance at suceeding. Obviously the the market doesn’t really care what I think .
Can you say parabolic on this 3 line break chart. A 90 value on RSI is extremely overbought and nearly always corrects in a significant way. What makes this chart extremely impressive (and scary) is during the last correction it never printed a single red candle.
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