In the last few months I haven't been in the mood for blogging, but now I hope I'm back for good :)
Let's start with silver chart (as usual through the SLV ETF) and then comment the EUR/USD. This last one is very important for SLV traders from Europe, because its action can leverage or f*** our trades.
From 13th May's top silver started some kind of triangle pattern that lasted until the 24th of August. From then to now, silver (slv) broke on the upside and reached a new year high. In this week we were presented with a topping action that may lead to a slight correction of this last move.
Who thinks silver is safe now, think twice! There's a gap from 18.09 to 18.29 in the SLV chart and this tells me that more downside will come.
For the short term, I'm betting in a correction to the 18.94 line and then more upside may come (something like a 3-of-3 :P).
The EUR/USD is currently trading lower, but I see too many bears here that I'm waiting for more upside. This is bad for us, but I really think it will happen. Then we'll see if the downtrend will resume or if a new uptrend is right here.
Bye,
JAPO.
No comments:
Post a Comment