Slider, Thought you would like this:
NC,(The I's have it, Monthly Chart Desiderata)
Thanks, still don't need glasses after all these years of looking at little squiggly lines, ggg.
Now let me suggest you broaden your charting horizons into a monthly $SILVER chart, one say that goes back to mid 1987:
stockcharts.com[w,a]maclyiay[pb11!b45!d20,2!f][vc60][iut!Ub14...
The Large Triangle silver has been living in since early 2004 is still there, though not quite so weak looking as the daily chart now seems. What we see before that Large Triangle is perhaps best described as a Huge W. If it were not for the Buffet Peak late 97/early 98, perhaps a Huge Cup pattern.
One thing cheery to gold and silver bugs is a steadily increasing RSI, if one looks at the bottoms on that indicator, since 2002. Add the fact that this indicator has no other stretch on this 18 year long chart where it is so positive for such a lengthy time. Add the fact that these last few years (and other years probably) have been in the face of massive comex silver shorts.
A long time ago, in a thread far away, I used to say "Salvation is in the long term charts". An odd thing for one to say who tends to be a short term trader. There is more than one meaning to that saying of mine, but the one that is most telling here is that the LT charts show when it is time (or it is safe) to move to a longer term hold from shorter term trades.
The daily charts' triangle, backed by the pattern that stretches so long before it on the monthly, indicates to me that the move in Silver (and Gold) is going to be such a large one that NOW, as the triangle moves toward its decision point, is NOT the time to be caught out of precious metals despite a few trying days here and there in the short term.
The potential risks are mitigated by close support, while the potential rewards are LARGE and AMPLE!
Message 21459356
Best Regards,
Roebear |
