Silvers 30 year chart cup and handle formation equals price ready for launch soon

[jim4silver]

Silver's 30 year chart cup and handle formation equals price ready for launch soon

Anyone here who follows technical charting has heard of a cup and handle formation. It is one of the most bullish chart formations generally speaking. Now, technical analysis doesn't always "pan out", but often times it does.

I have attached a link showing (you have to scroll down to the bottom) the 30+ year chart for silver which shows a very well formed long term cup and handle formation already formed. I remember looking at this chart back in mid 2012 and being sort of bummed that the handle would surely never form as it should, meaning back then I had to consider silver actually dropping to the lower 20's in price to form that much needed "handle" to have a proper cup and handle formation. Well, we are now here and just waiting for the take off.

They say the longer the time it takes to form the cup and handle, along with the shape being more a U and not a V, the better as well. Further, the handle needs to go down to around half or so of the cup. Check, check and check.

Just my opinion and do your own due diligence.

Silver Price History



Jim

 

Amazon Forum Fav 👍

Minelab PRO-FIND 35 Waterproof Pinpointer Metal Detector for Experts with Tone ID & Adjustable Sensitivity - Grab it through Amazon!

[Marchas45]

Sorry Jim but I prefer the Head and Shoulders. Lol On a serious note, I'm just not into charts anymore as the PM Market is so predictably manipulated and as far as I'm concerned the charts are useless but I hope this time I'm wrong.

 

[jim4silver]

Sorry Jim but I prefer the Head and Shoulders. Lol On a serious note, I'm just not into charts anymore as the PM Market is so predictably manipulated and as far as I'm concerned the charts are useless but I hope this time I'm wrong.

Even in manipulated markets, you can still see instances where the price action will make a "predictable" move based on past movements (especially when long term trend lines are broken, etc), but of course it is not near perfect. And as far as the manipulated aspect, I believe that the players are not always the same doing the "manipulating" so to speak. For example, in this most recent silver drop over the past couple of months, the large speculators are the ones going more short. The commercials. which have been the big shorts for the most part have been going more long over the past few months than ever before in this bull market. And there is only so much "manipulating" that can be done by any side in this, in that they can do their surprise big and fast price drops at opportune times, but they don't and can't control the day to day movement day in and day out. If they could would silver have almost hit $50 back before all the QEs and such in April 2011? To answer this myself, maybe "they" jumped long silver in 2010 and rode it to near $50? If they did do that, hopefully they have another price launch planned soon.

I think that whomever it is that has been the big short player(s) is going to hop long soon (before end of year but probably by end of August) and the large specs are gonna get caught in a short squeeze. I read Soros sold a bunch of GLD but put a bunch into the GDX and GDXJ call options. If that is true, it would seem he expects a price rise not too far off since call options lose value over time and expire eventually. It's great that they are keeping the price low because it is causing more physical buying across the globe.

I still need more time to build my collection and I like getting tubes of ASEs for $500 or so. It would not bother me a bit to see them push the price to $15 as long as there is inventory available. I don't plan on buying any silver ever again over $30 (including the premiums).

Just my opinion.

Jim

 

[TheCoinKid]

I still need more time to build my collection and I like getting tubes of ASEs for $500 or so. It would not bother me a bit to see them push the price to $15 as long as there is inventory available.

Exactly what I'm waiting (hoping) for.