The Precious Metal Platinum lost trendline support today on a surge in volume.
(Click all on charts to expand)
Silver is building a ton of energy on the Daily chart the past month. The pattern near term is "Coiling", and these patterns can crush those with leverage and on the wrong side of an explosive move. The breakout to the upside would take place above major support, and could help fuel a reversal and new trend higher again, but a breakdown from this "Coil" might crash through major horizontal support.
The larger degree pattern in Silver on the Daily resembles an Unorthodox Bearish "Head and Shoulders" pattern with a raised "Left Shoulder". An "Igniter Move" breakdown in the downward sloping trendline/neckline could send Silver on a "Waterfall" like decline to the low 20's.
I would like to put away some Silver for the long term and so I don't mind seeing a waterfall decline.
Also in the metals is the continuing divergence in the Industrial Metal Copper, where one would logically think that demand for Copper would be strong in the face of a raging Bull Market in Equities across the developed and emerging economies of the world.
Equities didn't take long to fill their gaps yesterday, but Copper kept heading south below Major trendline support.
Such interesting times the world is going through and the charts are one way to get a good look at it all. Join one of the premium services to stay in tune with the patterns of price and volume. The next issues begin the weekend of March 31st. Email for interest.
Twitter/ScottPluschau
Email: ScottPluschau@gmail.com
(Click all on charts to expand)
The larger degree pattern in Silver on the Daily resembles an Unorthodox Bearish "Head and Shoulders" pattern with a raised "Left Shoulder". An "Igniter Move" breakdown in the downward sloping trendline/neckline could send Silver on a "Waterfall" like decline to the low 20's.
I would like to put away some Silver for the long term and so I don't mind seeing a waterfall decline.
Also in the metals is the continuing divergence in the Industrial Metal Copper, where one would logically think that demand for Copper would be strong in the face of a raging Bull Market in Equities across the developed and emerging economies of the world.
Equities didn't take long to fill their gaps yesterday, but Copper kept heading south below Major trendline support.
Such interesting times the world is going through and the charts are one way to get a good look at it all. Join one of the premium services to stay in tune with the patterns of price and volume. The next issues begin the weekend of March 31st. Email for interest.
Twitter/ScottPluschau
Email: ScottPluschau@gmail.com
