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Silver Near Our Long Term Price Objective
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Silver Near Our Long Term Price Objective

Silver Near Our Long Term Price Objective

by The MoleApril 15, 2013

Of course all the rage today is the sudden plunge on the precious metals front. The gold bugs are having a bad hair day and if you visit the usual watering holes there are cynical conspiracy theories abound. For what it’s worth – cynicism may have its due place when impressing your hapless neighbors over Friday night cocktails but in the trading world it’s the call sign of losers. Keep that in mind next time you gobble up another pertinent article rife with wild theories as to why a particular symbol is not heading in the direction it should be going! How dare price interfere with your coveted world view? Tisk tisk….

Of course some may have seen this train wreck coming and when I say some then I really am talking about us (now sarcasm is another story – we dish out plenty of that). So let’s review the last five months of pertinent Evil Speculator goodness:

Silver P&F chart posted on December 9th, 2012. We are registering a low pole reversal and our price objective is (drum rolls) 26.5. Which is what we touched just a few days ago.

December 20th – prices keep dropping and our bearish PO remains intact.

Now it’s March 3rd and we’ve jumped around a bit in the interim. However based on a double bottom breakdown our P&F is now pointing at 23.5 – which we are at right now this second.

Here’s another update we posted a few days ago on the 7th. The preliminary bearish PO is now pointing at 21.5 but I’m a bit skeptical, expecting a little bounce at 26.5 (reasonable to assume but I was wrong).

And here’s the P&F from three days ago – at that point we were trading already below 26.5 and thus the odds of continuation lower were increasing.

Now you may think we got lucky there but if you have been visiting here for more than a few weeks then you probably know that we do this year in and year out. Our P&F charts have treated us well already way before both gold and silver were touching their very high two years ago. And that, my dear ladies and leeches, is why we follow our charts and not the news or the idle chatter we come across the Interwebs. There are two sides to a closing trade – a winning and a losing side. Guess which side we work hard on being on?

Since we’re taking a stroll down history lane – here’s the more immediate past. Early this morning I posted three 60-minute charts – the ES, the YM, and the NQ. All three were showing very clear entries below their 100-hour SMA and in the case of the ES the hourly NLSL.

Well, as they say – the rest is history. I would take profits now, not just because we’re at the 100-hour BB but also because there’s a daily NLSL and the 25-day SMA looking below. I think we’ve done enough damage for today – wouldn’t you agree?

It’s not too late – learn how to consistently bank coin without news, drama, and all the misinformation. If you are interested in becoming a subscriber then don’t waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.

Cheers,

About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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