Silver price Head & Shoulders pattern overtakes the Cup & Handle pattern in the near-term ‘probabilities’ sweepstakes
The man stared…
…at his daily chart of silver and saw a bearish Head & Shoulders pattern (red, first ID’d in NFTRH). But then he whipsawed himself, as a would-be Cup & Handle appeared (blue, also first ID’d in NFTRH), about which he was apparently wrong. I say “apparently”, because the neckline of the H&S has not been taken out yet.
The above is taking place as silver’s leadership over gold has failed to materialize and the Gold/Silver ratio makes a bullish looking pattern of its own. The indicator is still going sideways and thus, is neutral. But it’s got a “look” to it.
Combine that with strength in USD and it’s a bad mix for the precious metals complex, commodities, many global markets and several US sectors. If it goes on long enough or gets intense enough, it will eventually be bad for most everything else, as it would indicate a liquidity crisis.
Quite a little burst of public posting today. I am enjoying it. I think there will be more going forward, as I’ll be getting the able help of my daughter soon and will have time to focus on all aspects of the site and NFTRH service. I had been getting lazy and gently going out to pasture when it came to non-premium work. But with her joining me, I have a renewed bounce in my step. I’d like to pay a little more attention to marketing, which brief but content-rich public posts can help with. Eh?
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