Silver

Discussion in 'Metal Futures' started by Wallace, May 12, 2008.

  1. this is wacky even for me but . . .

    here's the fibonacci number series:
    0 1 1 2 3 5 8 13 21 34 55 89 144 233 377 610 987 1597 2584 4181 6765 etc

    so I thought I'd add up the numbers in the series, excluding 0
    1 1 2 3 5 8 13 21 34 55 89 144 233 377
    1 2 3 4 5 6 .7 ..8 ..9 10 11 .12 .13 - - and since silver's hit the 21
    thought I'd make 233 - $23.3 a W5 target - see chart
     
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  2. seems like we are at the crossroads here wallace

    :)
     
  3. hi setharb, the crossroads are up ahead at the previous d and
    w hc and hh

    the gold chart's a little easier for me to see, and i think in ew
    terms the w 4 correction is complete and w 5 has started
    the crossroads will decide whether or not the current rally is in
    fact a w 5 and not a reversal formation; the price has to rally thru
    the previous hcs and hhs significantly to confirm the move is a w 5

    i've got a gold target of $1300 - fibo # but silver to $23 seems a
    little low so i'll raise the target to the lucas fibo # - $28
     
  4. PaulRon

    PaulRon

    Wallace, can you post a chart of your current EW count.... I think we are still in w4 correction and see at least two viable counts with the third being a running triangle... I will post the extended flat / double zig zag and a triangle

    <img src="http://elitetrader.com/vb/attachment.php?s=&postid=1992747">
     
  5. PaulRon

    PaulRon

    option 2

    <img src="http://elitetrader.com/vb/attachment.php?s=&postid=1992748">
     
  6. looks as if an overshoot of B takes us to 1150