Ha ha ha, you can always count on the bugs to take things further than you think they can in any short time period once silver has the bit in its mouth. That is because so many of these bugs are not bugs at all, but rather they are machines, day trading junkies, casino patrons and in this case sure, some actual die-hards who got shaken out in the March crash and just can’t stand it anymore.
The bull market gateway is being smashed this morning as if it’s not even there. I thought about selling one or two of my silver stocks yesterday but did not because they target significantly high (if the pattern measurements hold true) and because of the possibility of this, based on my experience of what this crazy metal is capable of.
Now, those who have either been bearish or simply missed out on the rally will call this a blow off and indeed it is. It is a blow off to this phase, which we’ll call the post-crash slingshot phase. We may also call it a bull market launch (silver is in a bull market right this moment as defined by its price that is now above the gateway at the 2016 high (21.23).
Holy crap will you look at this. It is an equal and opposite condition to March. It is a market going to the opposite sentiment pole to that from which it came.
I would channel Ole’ Turkey and say relax, “it’s a bull market you know”. And that it is, with the take out of the 2016 high. But typical of impulsive markets, I did not expect the ultimate cycle target zone (24-26) to come into play today! It’s not to say it won’t furiously take that out too but risk on the near-term is now increasing rapidly for gold’s little brother and those momo’ing it.
NFTRH subscribers have been well prepared for this as we’ve continually noted silver’s constructive CoT data and technical status. But man, I was thinking out to late summer or Q4. Nope, that’s not what we’ve got.
Consider this an open note to subscribers that we are nearing the target zone and profit takers (i.e. those swing trading, not investing) can start thinking about that. It’s also a note to non-subscribers that since March NFTRH has been on this thing like white on rice. It was hard then and it’s way too easy now.
An end of summer 2020 price increase is coming. Subscribe to the value-priced NFTRH now to lock in the current rate for the life of your subscription! Current subscribers will never see an increase and have never seen increases since the service began in 2008.
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