Hi All,
This is a long-term, extremely bullish and insanely obvious (due to fundamental stuff which I will not cover here) view on the price of SILVER.
First of all we are approaching the long-term ascending (blue) trendline which was tested several times during the course of the last (almost) 20 years.
For the last 5 years the RSI is following a similar trendline and now it is about to touch it and bounce UP again!
What is more we have a MEGA-GIGANTIC harmonic GARTLEY pattern. It's TP point is around 35 $. Additionally we have a smaller harmonic BAT pattern which is in play right now (you will be able to see it easily on the daily timeframe).
I really think that this is a great long-term entry point!
Why I think Silver is due to hit 100 $?... Well frankly speaking I think it will go much much higher - but this is based on my fundametal approach on the current macroeconomic enviroment in which we live. From a technical perspective let's have a look at the Fibonacci extension of the lows of 2001-2002 and the spike of March 2008.
We can clearly see that the Fibo extension 2.618 matched exactly the ATH of April 2011.
If history repeats itself - and I believe it will - we can obtain the new ATH by taking the Fibo 2.618 extension from the low of 2008 to the high of 2011... do the math :)
I hope it helps.
This is a long-term, extremely bullish and insanely obvious (due to fundamental stuff which I will not cover here) view on the price of SILVER.
First of all we are approaching the long-term ascending (blue) trendline which was tested several times during the course of the last (almost) 20 years.
For the last 5 years the RSI is following a similar trendline and now it is about to touch it and bounce UP again!
What is more we have a MEGA-GIGANTIC harmonic GARTLEY pattern. It's TP point is around 35 $. Additionally we have a smaller harmonic BAT pattern which is in play right now (you will be able to see it easily on the daily timeframe).
I really think that this is a great long-term entry point!
Why I think Silver is due to hit 100 $?... Well frankly speaking I think it will go much much higher - but this is based on my fundametal approach on the current macroeconomic enviroment in which we live. From a technical perspective let's have a look at the Fibonacci extension of the lows of 2001-2002 and the spike of March 2008.
We can clearly see that the Fibo extension 2.618 matched exactly the ATH of April 2011.
If history repeats itself - and I believe it will - we can obtain the new ATH by taking the Fibo 2.618 extension from the low of 2008 to the high of 2011... do the math :)
I hope it helps.