Crunch time for silver

AlanR · 2018-11-16T02:31:46Z

This weekly chart shows the action well. In September, price hit the descending support line of the channel and attempted a recovery. However, at the end of October, it hit the descending resistance line of the channel and dropped like a stone. It's now being wedged in a corner, with support about $14. If it breaks $14, there's a 40c drop to the next support, which is major - below that is the November 2008 low of $9 with only minor pauses along the way.It's tricky trading HP strategy under these conditions -because we have to be aware of the strong support/resistance lines. It may register as HP, but that may be short-lived.

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NathanW

(@nathanw)

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Joined: 7 years ago

Posts: 136

November 19, 2018 10:26 am

Ha. It took me a while then I got it.. Yes good on you re: EWT. I like the concept and intend to study it in more depth at some stage. Imagine how many extra criteria it could add to the check list!

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