Monday, February 10, 2014

Triple Bottom in Silver

The following analysis brief is sponsored by the Chart Cast Pilot and Elliott Wave Technology’s Guardian Revere Long-Term Trend Monitor. 

As stated in the past, regardless of the timeframe under observation, an existing well-established trend shall remain in force until decisively taken over by a new opposing trend.  Three years of a long-term downtrend in the monetary metals has us on high alert for early signs of a bullish trend reversal.
Although lower lows shall remain plausible until a new longer-term uptrend confirms, we are observing the move up from 18.97 rather closely.  The genesis of such a reversal usually begins with a five-wave impulsive advance. 
Thus far, this latest move up off 18.97 low is displaying a three-wave corrective move vs. a five-wave impulsive affair.  At minimum, to confirm a five-wave upward advance from the 18.97 low, we would need to see a print north of 20.335 while holding price action above the 19.465 wave-1 labeled in black. 
More convincing a start would involve said move north of 20.335 marking that of a 3rd wave (noted black tag) followed by a 4th wave decline and a subsequent 5th wave advance.  Such price action would better-confirm the possibility of a bullish impulsive advance from the last of three bottoms that have established themselves over the last month. 
Given the time, depth, and severity of the ongoing bear market, the triple bottom well established thus far at the 19.00 level, is an area of critical support.  Loss of said support would increase odds for a retest of the 18.00 handle.

Until Next Time,

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Ten things you can do right now to protect your wealth, health, and investments: 
  • Get out of debt (100% debt free is the ultimate goal)
  • Protect your cash flows
  • Maintain physical cash on hand (6-12 months of living expenses)
  • Maintain physical possession of Gold and Silver  (re-balance annually at 15% of net worth)
  • Hedge all bets using separate brokerages accounts that enable true strategic diversification
  • Use timeframe specific strategies to manage like accounts
  • Maintain prudent unbiased disciplines in executing and managing your strategic plans