This is what I'm seeing on the silver weekly chart. This is a classic fibonacci 12345ABC pattern. If it breaks below the C again, we will have to consider a new way to look at the chart.
Here is what I'm seeing on the Silver long term chart. It's actually got me cautiously optimistic. Notice the last time we got a long wicked bullish pinbar off this level, silver went parabolic for months. Interesting to say the least..
To summarize, dare I say it actually looks good for silver going forward on a technical basis. That said, (important note here!) Silver and gold just made a huge run up following North Korean antics. This looks like it could be bearish shakeout and I expect a pullback starting tomorrow if gold and silver retrace today. Look for entries on your favorite silver stocks in a couple weeks. You should have some long term positions already on since December 2015. If not, start adding them. My favorite gambles include bear Creek, pretium, fortuna silver and even 'pumpanddump' first majestic at these low prices.
As always, thanks for reading. Feel free to comment and share.
-JTtheAT
Btc tip jar: 1NrgW8ZJj6pfmU5sDnjsLs2zgG9kd9kEDG
