42US

Similar formation on the gold chart:

GoldIHS270212.jpg



Resistance at 1800 is key:

GoldDaily270212.jpg
 
Thanks for starting this thread theiain1 :)

I agree that there is all sorts of funny business going on and no doubt the tape is being "painted", however the fact of the matter is there are a zillion pimple faced young traders out there driving high frequency trading computers that do rely on chart analysis (and rumours) :rolleyes: to make transactions that affect the price whether we like it or not.

I don't profess to be a guru at T/A, however I do have a vested interest in keeping an eye on what's going on and knowledge is power, so hopefully through discussion there might be some knowledge to be gleaned.



While this is nowhere near as impressive as Clawhammers incredible chart above, here's another chart with some scribbles on it that I'd love to hear anyones thoughts on.

Is that the new fandangled fractyl analysis thingamajiggy Claw? Reminds me of my effort with looping string onto nails as an art project back in the day! :)



It seems to me that the time to get off the potty or go is getting closer by the day. Do we have one more trip south to retest the 27.50 to 30 support area which equates to the long term trend line? This would complete the right shoulder of the inverse head and shoulder, I guess we'll know in the next couple of weeks!

2410_sc.png
 
BlackSheep said:
Thanks for starting this thread theiain1 :)

I agree that there is all sorts of funny business going on and no doubt the tape is being "painted", however the fact of the matter is there are a zillion pimple faced young traders out there driving high frequency trading computers that do rely on chart analysis (and rumours) :rolleyes: to make transactions that affect the price whether we like it or not.




While this is nowhere near as impressive as Clawhammers incredible chart above, here's another chart with some scribbles on it that I'd love to hear anyones thoughts on.

Is that the new fandangled fractyl analysis thingamajiggy Claw? Reminds me of my effort with looping string onto nails as an art project back in the day! :)



It seems to me that the time to get off the potty or go is getting closer by the day. Do we have one more trip south to retest the 27.50 to 30 support area which equates to the long term trend line? This would complete the right shoulder of the inverse head and shoulder, I guess we'll know in the next couple of weeks!

http://forums.silverstackers.com/uploads/2410_sc.png
Click to expand...

I too don't profess to be a guru and just keeping up with others say, act, and do keeps what I feel my knowledge up to date (one hopes anyway) however can you please point out to me where you see the head and shoulders on this chart of yours ? :/ I must be totally blind :P or is it one of those 3D thingys where if you stare at it long enough you'll see the head and shoulders of a unicorn :lol: but seriously where are they? can you perhaps roughly sketch where it is?
 
I cannot predict the future Possum and certainly don't consider myself qualified to give advice, so yes I am saying I think it could go either way :)

I do however have a large enough percentage of my assets invested in physical precious metals that I have an interest in endeavouring to learn more about how the market "ticks"

I am aware that we are in the middle of a currency war, and that there's all sorts of games going on. I am also aware that there are plenty of people who have no interest whatsoever in chart analysis and I'm cool with that, each to their own - personally I believe knowledge is power and the day I stop learning will be the day I lay down to die!
 
hihosilver said:
I too don't profess to be a guru and just keeping up with others say, act, and do keeps what I feel my knowledge up to date (one hopes anyway) however can you please point out to me where you see the head and shoulders on this chart of yours ? :/ I must be totally blind :P or is it one of those 3D thingys where if you stare at it long enough you'll see the head and shoulders of a unicorn :lol: but seriously where are they? can you perhaps roughly sketch where it is?
Click to expand...

Gday Hiho

This is a VERY rough interpretation. (MS Paint is not my fort) :lol:

I believe (should I say hope so as to not tempt the gods? lol) that the bull still has a long way to run, but we all know it doesn't go in a straight line (apart from the very long term picture)

2410_sc2.png
 
BlackSheep said:
hihosilver said:
I too don't profess to be a guru and just keeping up with others say, act, and do keeps what I feel my knowledge up to date (one hopes anyway) however can you please point out to me where you see the head and shoulders on this chart of yours ? :/ I must be totally blind :P or is it one of those 3D thingys where if you stare at it long enough you'll see the head and shoulders of a unicorn :lol: but seriously where are they? can you perhaps roughly sketch where it is?
Click to expand...

Gday Hiho

This is a VERY rough interpretation. (MS Paint is not my fort) :lol:

I believe (should I say hope so as to not tempt the gods? lol) that the bull still has a long way to run, but we all know it doesn't go in a straight line (apart from the very long term picture)

http://forums.silverstackers.com/uploads/2410_sc2.png
Click to expand...

so it's an inverted head and shoulders you are looking at? :/ if so I see. I"m not sure it's going to those heights just yet. Remember, I'm not a chartist but my gut is telling that there is going to be at least two more major dips. I think that the first one of those dips ($27ish I think) will be our last time we can gather up the physical at a great price and get our hands on it but the second dip will be rapid and perhaps fall in one day to $15 then it's off to the races but it will be to late to get your hands on the shiney stuff then....Remember it's a gut feeling :rolleyes:
 
hihosilver said:
BlackSheep said:
hihosilver said:
I too don't profess to be a guru and just keeping up with others say, act, and do keeps what I feel my knowledge up to date (one hopes anyway) however can you please point out to me where you see the head and shoulders on this chart of yours ? :/ I must be totally blind :P or is it one of those 3D thingys where if you stare at it long enough you'll see the head and shoulders of a unicorn :lol: but seriously where are they? can you perhaps roughly sketch where it is?
Click to expand...

Gday Hiho

This is a VERY rough interpretation. (MS Paint is not my fort) :lol:

I believe (should I say hope so as to not tempt the gods? lol) that the bull still has a long way to run, but we all know it doesn't go in a straight line (apart from the very long term picture)

http://forums.silverstackers.com/uploads/2410_sc2.png
Click to expand...

so it's an inverted head and shoulders you are looking at? :/ if so I see. I"m not sure it's going to those heights just yet. Remember, I'm not a chartist but my gut is telling that there is going to be at least two more major dips. I think that the first one of those dips ($27ish I think) will be our last time we can gather up the physical at a great price and get our hands on it but the second dip will be rapid and perhaps fall in one day to $15 then it's off to the races but it will be to late to get your hands on the shiney stuff then....Remember it's a gut feeling :rolleyes:
Click to expand...


Interesting read Hiho. I would agree that we will see more big downside. I have a quite expensive trading subscription and I followed for a long time before signing up and the accuracy is solid including the latest down move. I am reluctant to give predictions other than say that bar a mega negative black swan event this year I don't think it is the year of the PM rocket ship. However, with all the balls in the air at present that is entirely possible! I go with one more real big leg down, but as I said I'd rather leave it at that because I have already found anything realistic or negative on solid logical trading psychology and technicals tends to be met with an onslaught of abuse from irate permabulls which you can do without :)
 
Thanks to all that replied.

I realise talk of price targets can provoke a lot of emotional responses.

One thing you learn doing TA is there are no right or wrong answers only justifications.

If you've got a view about price whether its TA related or not please share it but include your reason(s) why you have formed this view.



OK

Wild week

Bears need to pull their finger out here or else :P
Click to expand...

Well we certainly did see some action from the bears :/


There is a some support at about $34.50 (held last 3 trading days on a closing basis):

- Breakout level of the prior trading range (25/01/12 to 22/02/12)
- 150 day SMA
- Neckline on the inverse H&S pattern


If we can't hold this level we're looking at a quick move to $33 where I expect buyers to emerge.


So after the initial break above on Tues 28/02/12 we're back below the down sloping line connecting the all time high in May (2011) to the Aug and Sept highs (2011).

This line and the Oct 2011 high at $35.70 is the battle ground for the bulls, to get anything going to the upside they're going to have to clear these levels with a couple of solid closes.

Above that the 50 week SMA stands at $35.80 then the recent high is at $37.50


After such a wild week, a lot of participants are going to be cautious so we could see a bit of back and forth here until something gives.


Charts:

SilverDaily040312.jpg


SilverIHS42040312.jpg


SilverWeekly040312.jpg
 
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