jim4silver
Silver Member
- Apr 15, 2008
- 3,662
- 495
Decided to get some more silver today. Grabbed some nice older style Engelhard 10 ouncers for 50 cents over spot. Used my old CRHing stash to buy them in that I will no longer waste time chasing the occasional 40% half that I would find. I officially retired from CRHing a while back, but still got an occasional box or two now and then.
Looking at the silver chart it seems we are at an interesting point. It looks like we are near the completion of an inverse head and shoulders pattern. If that is true, it is a bullish sign. We should see soon if the inverse head and shoulders is real or if prices break below it. If we get below 30 for any extended period I would say that's a no go on the chart for the inverse h and s. 30 would be OK in that the first shoulder bottoms in that zone, so if the pattern were to be completely symmetrical, we would need to get to 30 or so again.
What is also interesting is that it appears the dollar chart is about to finish forming a standard head and shoulders pattern (normally bearish). This on the chart will appear in shape to be the complete opposite of the inverse pattern showing now in silver, although the time range of the patterns is a bit different. The inverse h and s in silver has been forming since before October last year, and the dollar h and s starts around February of this year.
We will have to wait and see how it all unfolds.
Jim
Looking at the silver chart it seems we are at an interesting point. It looks like we are near the completion of an inverse head and shoulders pattern. If that is true, it is a bullish sign. We should see soon if the inverse head and shoulders is real or if prices break below it. If we get below 30 for any extended period I would say that's a no go on the chart for the inverse h and s. 30 would be OK in that the first shoulder bottoms in that zone, so if the pattern were to be completely symmetrical, we would need to get to 30 or so again.
What is also interesting is that it appears the dollar chart is about to finish forming a standard head and shoulders pattern (normally bearish). This on the chart will appear in shape to be the complete opposite of the inverse pattern showing now in silver, although the time range of the patterns is a bit different. The inverse h and s in silver has been forming since before October last year, and the dollar h and s starts around February of this year.
We will have to wait and see how it all unfolds.
Jim