Sentiment Speaks: Silver Is At A Major Turning Point
Summary
- Elliott Wave Theory identifies market patterns driven by societal sentiment, moving in 5-wave trends and 3-wave counter-trends.
- The optimal trading opportunity lies in the heart of the 3rd wave, particularly during the wave 2 pullbacks.
- Silver's current structure suggests potential for a significant move, contingent on breaking resistance at 31.73 or facing a decline.
- Objective analysis is crucial; always consider opposing market views to refine assessments and recognize significant overlapping levels.
- Looking for a helping hand in the market? Members of The Market Pinball Wizard get exclusive ideas and guidance to navigate any climate. Learn More »
billnoll
I want to start this article with a little background about Elliott Wave analysis, and begin with a quote from Paul Tudor Jones, one of the most successful money managers of all time:
"I attribute a lot of
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
I am long physical metals and various mining stocks. I also own LEAPS in SLV. I bought protective OTM puts in SLV, which I will stop out over with a sustained break-out over 32 in silver.
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