I've been watching Silver for a while now and finally got into a heavy long position when we saw it close in a inverted bull hammer at yearly lows earlier in the week. The following days painted what i'm interpreting as the metals market version of 3 white soldiers. These three things combined (multi year lows/support, ibull hammer, soldiers) form what to me looks like our bottom. It's ALSO painting a double bottom pattern as we recently bounced from this area and in prior years have used this as our bottom.
If you're into wyckoff theory on low time frames there was a quite obvious wyckoff accumulation almost text book and it's performed really nicely. On the daily time frame you can make a case that our hammer was the wyckoff spring here which is always the maximum buying opportunity.
Obviously if you're into MAs you might want to wait a bit for confirmation, but I like PA and our MACD on high TFs has already crossed, and the hammer/soldiers are strong trend reversal signals. I think we're in for a good ride and i'm holding my calls for a bit.
Cheers
If you're into wyckoff theory on low time frames there was a quite obvious wyckoff accumulation almost text book and it's performed really nicely. On the daily time frame you can make a case that our hammer was the wyckoff spring here which is always the maximum buying opportunity.
Obviously if you're into MAs you might want to wait a bit for confirmation, but I like PA and our MACD on high TFs has already crossed, and the hammer/soldiers are strong trend reversal signals. I think we're in for a good ride and i'm holding my calls for a bit.
Cheers