Tag: $SI #F

Silver following the script part IV

I would encourage anyone new to this blog to go thru the following past blogs to get an update on where we are ….the link is here:

http://bartscharts.com/2013/11/20/silver-following-the-script-part-iii/

the big question “is the high in/around 50 a wave III or a wave V?” I REALLY like it being a wave III because the current correction in form/balance is SO NICE.  If that is the case, we are in the midst of the 5th wave of C that will take us into the 14 area for a really really powerful BUY.  I have shown the 11 area based on the length of the corrective move from the old high in the 1980’s.

we have a beautiful zig-zag (3-3-5) correction working …. in the case of the 14 dollar level we have a=c and w/in the context of the C wave we have wave 1 and wave 5 being equal and then they land right on the .786 from the low in 2002.  that is the PATTERN we have been following and tracing …

yes I know that silver is becoming overtly bearish from a sentiment perspective and w/ a very strong dollar forecasted is another 20% percent correction into the March 14′ time frame to out of the question?

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JEC, SILVER past fractals and the Pound

Foldbacks are amazingly accurate patterns … they occur on anytime frame and basically give us the “mirror image” of a move … the theory is as they come into an inflection point they will go out of the inflection point the same way.  for those still versed in geometry, it’s basically the angle of incidence equals the angle of reflection.

here’s one of many pictures that I have of long term foldbacks in process … it’s a long term chart of JEC (Jacobs Engineering). The first chart shows the geometry of the parabolic move up, the second chart shows price action around the foldback and the third chart shows the result.  Exhibit 1 JEC

JEC REAL TIME foldback pattern developing
JEC REAL TIME foldback pattern developing

 

JEC foldback result ...
JEC foldback result …

if you go back and study the Silver posts you’ll see that the most recent all time high on silver was just like the above … a mirror image foldback.  IF (the big IF) you find the correct balance point then you can watch movement w/ a leading understanding of what to EXPECT (again, only PROBABILITY)  Here’s a quick review of the Silver Chart … everything based on the FOLD BACK.

SILVER long term FOLDBACK
SILVER long term FOLDBACK

 

price action according to the foldback
price action according to the foldback

 

so, much like JEC and SILVER we find a nice POTENTIAL FOLD BACK occurring w/in the Great British Pound Chart ….

POUND foldback POTENTIAL
POUND foldback POTENTIAL

 

4 hour intra-day look at the pound POTENTIAL fold back setting up
4 hour intra-day look at the pound POTENTIAL fold back setting up

only time will tell if have the fold back working … the great thing from a risk management perspective is they USUALLY only FAIL at the inflection points so a little bit higher on the Pound will tell us a lot.

Here’s past POUND analysis as I continue to try and get short: http://bartscharts.com/2013/10/22/the-pound-gorillas-and-juggling-dynamite/ OBTW ‘best and final’ is still a target so we’ll just have to manage some risk and “scale up” short.  Stay tuned …