Poll: Correction Time?

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Correction time?

Poll ended at Tue Apr 26, 2011

Total votes: 36

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Re: Poll: Correction Time?

Postby GoGirl » Fri May 06, 2011

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Re: Poll: Correction Time?

Postby DoctorMetal » Sun May 08, 2011

The previous link to MarketTrendForecast is to an Elliott theoretician. Elliott wave theory is a rather non-heterodox form of crowd psychology, and I know some people here don't believe in technical analysis, but I'm willing to take a stab at it. If my read on the situation is right, we are in an Elliot Wave 4 (a corrective pullback, rather than steep drop). Since there were non-diagonal triangles present in the Wave 3, we can only expect sideways or consolidating movement in silver for the next few weeks (or months). Indeed, Wave 4 patterns are notorious for being frustratingly long. Thus, we should expect to see spot hovering around 35 for quite some time. On the other hand, and opposed to technical analysis, are the fundamentals. These, like the rising value of some dollar indicators and a possible debt ceiling compromise would suggest that silver could go lower, much lower, perhaps down to 25 or so. Thus, while Wave 4 is usually a buying opportunity, the best time to back up the truck may come later. Looks like the summer doldrums are early this year.

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