Thursday, April 26, 2007

Silver Analysis

Make or Break time....

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Interesting to note that up until the first week of Apr/07, there were no unfilled gaps in the chart. Now we have a gap down, which could make most of April one massive, gargantuan mother of all Island Cluster reversals. Could, but of all the scenarios that could unfold from here on out, that is one of the more unlikely scenarios. If you put a gun to my head and made me guess, I would guess that there would be at least some attempt to fill today's gap down. So that means we could possibly see a bounce to at least the 134.9 level.
In the mean time, the short term uptrend is definitely broken, and first up is the test of the current long term uptrend.
Silver is at a crossroads. Either the long term uptrend for almost the past year remains intact and we bounce back up, or we break and close below the trend.
Either way, a good trading opportunity is just around the corner.

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