SILVER - SAFE HAVEN -
Added 2024-10-23 12:14:22 +0000 UTCI want to share the larger picture of Silver that we have been using since Feb ' 24, when the price action was still in the yellow wedge at $22 - $24.
Bullish Cup and Handle formation, followed by a bullish wedge and we used the heavy correlation with Gold to see where this was going next.....at the time, Gold was moving to ATH's above $2000, so there is usually a lag between Gold and Silver but the lag is always the opportunity.
Since then we are up +45% now.
The 1.618 Fib for Primary Wave 3 is at $47, with the 2011 high at $50.
If concerns about inflation and the economy continue to grow, while having an overvalued market, $50 is reasonable to expect in +12 months (in normal circumstances)
So we do look at this regularly but it is important to remind ourselves of the picture.....and not focus on the smaller waves.
Comments
Thanks for clarifying
Lennart
2024-10-23 14:16:43 +0000 UTCSafe Haven is simply a position you would take that would be a hedge against a correction in the US market Traditionally there are positions you can take that actually benefit when the market corrects Gold and Silver being a popular one but also Bonds, which is questionable right now
Gareth Neary
2024-10-23 13:29:46 +0000 UTCAdding after a pull back now I believe is good, we have already gone above the subwave 3 limit
Gareth Neary
2024-10-23 13:28:33 +0000 UTCCap, is it possible to get some definition and background on the definition of safe havens from you? I tried to find somethin in the posts but did not really find anything, maybe I missed it. Thank you
Lennart
2024-10-23 13:09:34 +0000 UTCPlaying the big picture: 1. Adding here is good 2. Adding at the confirmation of wave 5 (end of wave 4) is good. Is that right?
Chris H
2024-10-23 12:49:55 +0000 UTCI see why you’re saying you’re holding through the overall market correction. Easy to get lost in the smaller waves and forget the big picture
Brian
2024-10-23 12:42:59 +0000 UTC
