c505218304b50c59c3659f6dda43bae7-links-0–>Silver explosion! As you may know, we’ve been waiting so patiently for silver to move up. Since July 4 weekend when silver exploded up — since then, it pulled back and drifted for 20+ days.
Today, with this morning’s 8:30 report (I still have no clue what report came out at 8:30am –all I know is that’s usually a time when markets can start a move, — which formed wave 1 up — and then an a-b-c wave 2 drop going into the Fed meeting.
I said yesterday that if silver does drop after the Fed meeting, that I think it would quickly reverse.
I was little bit concerned about gold – because it really seemed to be struggling – but glad to see that reverse.
My favorite trade day was actually adding a little to my NUGT position AFTER the Fed annouoncement at 127.5 — and then 30 minutes selling it at 143! That was quite surprising and fun!
While gold and silver reversed to the upside quite nicely after the Fed — the S&P and Russell seemed to have a delayed reaction. From what I remember, I believe the Fed announcement was no rate hike at the moment.
I still have not read the Fed speech, but based on market reaction, it seems to be a non-event. My expectation is that the move won’t happen til tomorrow.
ES 2153 is the level I wanted to see hold — it dipped just below that and reversed after the Fed — but it didn’t rally — at least not yet.
Same as yesterday – since we only went up slightly. Currently at 2163ES.
Same as yesterday – since we only went up slightly. Currently at 1216 TF
It looks like wave iv completed, and we should be on our way towards wave v up — ideally towards 22.
Notice where I positioned the “?” mark in the above silver chart? We are now just over 20.40 as I type this.
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