No worry, charts told me not to sell on the "correction".
Observed that silver rallies in four steps:
first rally, consolidate, upleg, correction to the consolidation level.
Of course, as usual, this behaviour will end as soon as it will be confirmed.
Till September last, the period could have been 6 to 18 months.
This charts has the "Quadrant Lines", just horizontal lines 25% apart.
While it perfectly matches the retrace from the lo-hi run, the consolidation area only is aknowleged after the peak.
Never regarded TA as a prognostication tool.
Fwiw, other constructs (Silver Jul 06): pitchforks, 100 DMA with +10% -10% price bands, 50DMA is green, 200DMA is red.
At 12.7, an horizontal line which costed traders a fortune, both a buy and a sell signal on a sh#tload of indicators.
Fwiw: total daily volume traded on the May contract (ten lead month) on Thrusday was the same as the total open interest
Strong supports 11.7, 11, 10.3, 9.22
Prices should meet the 100DMA +10% (or the other way around) to be back to an acceptable spread. If that spread widens, the risk od a correction towards the pure 100DMA +-0% increases.
Not explaining, just observing and having fun (as lon as the behaviours does not changes)
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