While I will tell you how I see the various possibilities in the market at this time, please understand that I am UNCERTAIN of the next immediate move in the metals until I see a little more price action to discern which wave degree is best represented.
First, the cleanest perspective to me is in silver at this time. It has an immediate bearish count on the chart, Assuming we see a strong break down below 17 early next week, we should be headed to a minimum target of the 16.64 region, with an ideal target of 15.70. Resistance for this count is 17.45-17.58. Should 17.58 be taken out to the upside, it places me squarely in the wave IV count.
If I were to assume the same set up is present in GOLD, it would mean that we should not be seeing GOLD over the 1237/1242 level, and setting up for the heart of a 3rd wave down to take out the 2013 lows.
Should the metals take out their resistance before breaking support, then I would be looking for silver to target the 18.15-18.40 region, whereas GOLD will be targeting the 1272-1285 region next.
So, over the next few days, I will be watching these support and resistance levels very carefully to give me a clue as to the next move in the metals. But, as I have been saying for months, I am still expecting another drop in the metals whether it begins immediately, or it takes another month or two.
No comments:
Post a Comment