Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Silver Price Bottom - Maybe

Commodities / Gold and Silver 2014 Dec 12, 2014 - 12:14 PM GMT

By: Joseph_Russo

Commodities

If you’re wondering whether silver has finally bottomed, just hang on because in a minute, we’re going to outline the 3-essential criteria points that will determine if this is going to be the case or not.

Is $14.10 all she wrote for silver bears? Technically, we cannot yet confirm this; however, I must admit that this particular bottom does appear rather alluring.
Don’t get your shorts all twisted in a bunch just yet people. Remember, you don’t want to fall prey to every pretty-looking bottom that comes along now, do you?


Damn, that is a super nice looking bottom though, isn’t it? How can we know for sure? What if this truly were “the bottom,” the one we’ve been waiting for so desperately? 

Listen, I am fully aware that there are an awful lot of aloof stackers out there who just assume ignore charts and paper prices. Their thinking, and to a certain extent rightly so, is that the paper price is rigged so why bother – just keep exchanging worthless paper for a real tangible asset and forget about it. 
In a future article, I shall endeavor to reveal that at the end of the day, whether you like it or not – rigged or otherwise – that the paper-price of everything, which includes silver and gold – matters – to everyone.
For now, with regard to paper-prices and rigging, let’s just set all such aloofness aside and ponder what it would take to confirm that $14.10 is indeed “the-bottom” that stackers have been longing for.

3-Essential Criteria to Confirm a $14.10 Bottom in Silver

  1. Obviously, the $14.10 level must hold the print low.
  2. From and Elliott Wave Perspective, in order to maintain an impulsive price pattern, the $16.68 level should not be breached going forward.
  3. The current rally should extend to or beyond $19.26, and thereafter, the old bear market low of $18.18 should become rock solid support.

If any one of the above criteria fails to hold muster, then lower lows remain plausible. After all, we must remember that we are still dealing with a long-term bear-market condition here.
Until the price-action confirms by meeting all of the above criteria, a long-term bear market it shall remain – so don’t take profits on your long-term paper-shorts just yet.

Until Next Time,

Trade Better/Invest Smarter

By Joseph Russo
Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in