The Silver Pennant...

[gelxi]

Hi guys, for those interested in the silver price movement of late, I just wanted to share with you guys the pennant formation that the silver price is bound within right now. There is a likelihood that the bottom of the pennant will be challenged today/tonight.



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Edit: changed 'pendant' to 'pennant'

 

[spannermonkey]

Once is enough mate

 

[gelxi]

Yup I post it in the wrong topic in "Silver Coins" previously, moved it here as it was more appropriate.

 

[940palmtx]

My casting instructor had better teach me to make a better pendant than that or I'll want my money back! Going in two weeks

 

[gelxi]

Lol... I just noticed it should've been 'pennant', not pendant! My bad.

 

[940palmtx]

That's funny, happens to me all the time. I'll keep an eye out, thanks for the info and keep us posted please.

 

[gelxi]

Support challenged right NOW. If this breaks, down we go. Interesting to note that the end of this pennant formation is just 5 to 6 days away, so it's gotta make a decision anytime soon where it wishes to break out of this formation.

 

[gelxi]

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[Dandan]

So all the recent sideways movement is comin to an end?

 

[gelxi]

Yes very likely. Usually, it ends near the end of the pennant, and a move is forced.

 

[hiho]

going to US$20?

 

[Lord Dragon]

Surely it will break up. After the amount that it was taken down by not long ago, it seems unlikely it will break down.

 

[gelxi]

imho it'd be surprising if this breaks out today though, I was expecting the formation to hold at least a few more days nearer until it gets to the tip of the pennant.

@hiho: Let the market decide Until it breaks out of the pennant, we do not know whether it will go up or down. But if it decides to break downwards, what I see as strong technical supports would be $26 and then $23.

 

[hiho]

imho it'd be surprising if this breaks out today though, I was expecting the formation to hold at least a few more days nearer until it gets to the tip of the pennant.

@hiho: Let the market decide Until it breaks out of the pennant, we do not know whether it will go up or down. But if it decides to break downwards, what I see as strong technical supports would be $26 and then $23.

Glexi the market has no influence over silver, Its controlled by bots

 

[gelxi]

Bots yes, but with entry and exits set by humans, driven by market supply and demand Unless there's a Skynet i'm not aware of....

 

[2eyedcyclone]

Really downwards?
If so i would like to call it a good buying opportunity, but i got a feeling physical will be almost impossible to get!

 

[RetardedMonkey]

I often wonder how people predict shapes with charts.

Is everyone else who is a 'big player' looking at these charts and going... "well shit guys, almost at the end of the pennant, better do something"

 

[hiho]

Bots yes, but with entry and exits set by humans, driven by market supply and demand Unless there's a Skynet i'm not aware of....

glexi I am sorry but Dimon is the antechrist he aint human

 

[phynixbullion]

It won't be going anywhere you can all Relax

 

[thatguy]

I often wonder how people predict shapes with charts.

Is everyone else who is a 'big player' looking at these charts and going... "well shit guys, almost at the end of the pennant, better do something"

I think people do not understand that charts are just a visual depiction of human emotion. When you see a chart you are seeing pure human fear/greed all plotted on a couple of axis's. As with predicting human emotion technical analysis of charts can be a gamble. And as with human emotion predicting what someone/some chart will do in the future can be off completely despite all the right indicators. So despite all that if you long enough and hard enough at someone you may just be able to figure out what they are feeling and so it is with graphs.