Silver Weekly WC 30 June 2014 (moved)

Weekly Closing June 2014 Support {} Resistance

  • WC 30th  17.35 17.96  17.99  18.76 19.06 19.20  19.65 20.14{}21.20 21.45 21.79 22.07
  • WC 23rd  17.37  18.49  18.49 19.15 19.25 19.25  19.36 20.35{}21.28 21.62 21.89 22.08
  • WC 16th  17.37  18.49  19.02 19.15  19.25 19.36{}19.95 20.14  20.53 21.80
  • WC 7th   17.40  18.51 {19.00}19.24             19.50  19.72  20.18 20.60 21.83
  • WC 2nd  17.56 18.55{}19.01                        19.49              20.20 20.75  21.86

There are now clear channels for this upswing as shown last week, and highlighted below as bold lines. As the high did not make the d345MLU (bold purple upper parallel) I expect a high around the 2nd resistance level of 21.45 at the intersection with MMF012MLU. Any final  high in the purple triangle would make it one fractal wave scale smaller than the February high, and a final high in the red area would be the same fractal wave scale.

PM Silver W 20140629

To highlight the importance of looking on multiple fractal scales I am including the daily chart  below, which is showing a topping formation, and an ideal high around 21.50 around the 3rd July. Then really we need a break of the d345ML (dark blue) as our first indicator that this UT is over, where the next indicator is a break of the MLL, and the next indicator either a break of the UT low or a failed retest of the MLL (lower purple).

PM Silver D 20140629

Next week we have the end of the month as well as the end of the Quarter and the charts are looking very interesting!

WC 23 June 2014

Well now that was a powerful short covering rally once until hitting challenging $21.  It now has a lot of resistance starting on the weekly pivot scale. I have changed the resistance to reflect only weekly resistance levels, i.e. Monthly and weekly MLL, ML and MLU's of the various forks so sorry they are not necessarily following from previous weeks! However as I get standardizing this should become an easy follow through comparing the levels!

PM Silver W 20140624154156

Last week i spoke about importance of the rules of summation of waves. In the daily chart below you can see how a daily wave (purple triangle) and Weekly wave (red triangle) can not necessarily be double or half the others size which is where the initial targets are derived from ideal normal waves!

From the daily tick scale chart so you can understand why I am changing support resistance levels as some of the levels shown last week are actually daily and deci tick scales. Silver still  has not made any unexpected breaks. For a change in sentiment there needs to be long wave 1 on multiple time scales - we do not have that, and that favours the short cover. A break above the weekly bullish reversal is what is needed for a weekly trend change, and then we have had a 20% probability failure of the 5 wave pattern!

PM Silver D 20140624161825

Sorry about the delay of this report - been rather tied up with some research on MH370 - as most of you probably know by now my wife appears to have seen it whilst I was getting some hard earned kip below on our recent passage to Phuket!

WC 16 June 2014

Prices broke through 2 resistance levels of 19.34 and 19.50, making smaller fractal pivots there and reached the third resistance level of 1972, closing just below. From the weekly tick we can see that pivots 1 was last weeks high and 2 this weeks low and if 1995 is broken this week it will confirm that wave 3 is subdividing and resistance at 20.14 will be challenged. and a spike hi will be contained at 20.53. As there is a cluster of support from 1902 to 19.36  which is converging over the next 2 weeks is shown in more detail in the chart below. PM Silver W 20140615 S&R

Due to the principle of summation of waves at time of intersection I have currently upgraded this correction to the D fractal wave scale which means a retest and failure at 1995 would form a normal correction. This is most likely the correct wave scale if prices bounce as low on the 1936 support. If a new high is made without hitting 1936 then we have an extension in the 3rd wave, which should complete this week making a high within 2 weeks around 2030 as shown above, the earlier it makes the high the higher it will be (20.53 this week, 20.41 next week), within the purple triangle shown. Below you can see daily wave confirmations to the upside lies together with the weekly confirmation, however daily confirmation is last months low.

PM Silver W 20140615

This bounce could continue until the end of the month before prices revert down. So with Silver, like gold has chose the subwave formation route shown for gold in the chart shown in Gold Manipulators at is again! shown below.

PM Gold D 20140528

Both should break by end of August and because they are working their way to the upper parallels when they bereak they are going to fall hard!

 

 

WC 9 June 2014

PM Silver20140608233002

Silver closed on its first level of resistance of $19.00 (I manually read them so not worried about the 1 cent!) after breaking through to possible complete a smaller fractal wave scale (not checked as time constraint!). Both silver's high and low were weak.  Again for the third time the low elected the bearish weekly confirmation and the 4th time - down she goes! So this week if the smaller fractal formation is not complete expect a high to test 19.24, which is unlikely as last weeks low was on the ML, followed by a test of support at 18.51 and if that fails a rapid drop to elect it's monthly bearish confirmation and test the 17.40 level. That ideally will occur no later than the end of June. This would then be the first possible end to this downtrend using MAP wave rules on their own. However MAP forks will determine wave completion.

 

WC 2 June 2014 - WC 28APR silver elected its weekly bearish confirmation, and again last week. Also last week prices opened above weekly support provided by the bullish weelky alternative fork and rapidly fell through monthly support and bouncing on the weekly support of WTF345MLL.

PM Silver W 20140604

Prices are expected to retest the $19 before mid June at its first resistance level, before continuing down.

Support () resistance levels are now shown on the chart.

One Response to Silver Weekly WC 30 June 2014 (moved)

  1. Marc says:

    I have just seen I have misread the first resistance level. Replace 19.24 with 19.34!

    On the daily fractal scale we need one more high so the second weekly resistance of 19.50 may be tested, ideally making the high there this week with a close below 19.34
    Marc

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