Monday, 10 December 2012

Silver Weekly Technical Analysis Chart: Welcome on Route 89.

If you have a wave count, it is more likely to be correct if turning points comply with Fibonnaci time intervals.

By examining previous time intervals, I can see that every time price action enters within the 89 fibonnaci timezones & starts dancing with the 55MA like a Rattle-Snake tightening its grip around a prey, Silver prices brace us with big moves up or down, usually using the 55MA as a cushion to consolidate or a launching SUPPORT pad. 
For now, I'll be looking at the 55MA for support as it coincides with a trendline & the 89 Fibonnaci time interval.
But however you look at it, Silver is preparing for it's NEXT road trip on Route 89, and it seems like it's going to be a long & slow road frustrating many.... My suggestion, stick to cruising & stop being in a hurry!

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