/SI (silver futures) first price target hit (intersecting price & uptrend line support) has been fully hit for the quick 16%+ drop I was looking for last night, with the odds for a tradable bounce here (and/or down to the uptrend line just below) elevated at this time although I still favor more downside in the coming days, weeks, & possibly months. Previous (last night’s, this morning’s) & updated 60-minute charts below.
SI 60m Jan 29th
SI 60m Jan 30th
SI 120m 2 Jan 30th
My rough reaction (pullback in ZSL & bounce in /SI) targets are shown with the arrows, although keep in mind that I wouldn’t be surprised in the least (and will pivot accordingly) if silver just keeps crashing, as per the analysis (i.e., the historical parabolic uptrend line break crash action) in today’s earlier video. Also, note that /GC just hit my initial downside target of 4927, which increases the odds of a reaction from current levels.
The tough part, however, is that there are only a few hours left in the trading day/week. As such, any positions taken home today, even silver or gold futures (which open back up for trading on Sunday evening, have two days of overnight risk, with a large gap in either direction likely when the futures resume trading on Sunday evening. Have a trading plan, adjust position size according to the volatility & potential for a large weekend gap, & stick with that plan unless something significant changes in the technicals.
My plan is to reverse here (cover my silver shorts & go long to attempt a bounce into the close)… if successful, I will take home a fractional long position, as this support was successfully defended, looking to reverse back to short next week, whether or not my bounce target is hit.
ZSL 60m 2 Jan 30th
Previous (last night’s, this morning’s) and updated 120-minute charts of /GC, gold futures, below.
GC 120m Jan 29th
GC 120m Jan 30th
GC 120m 2 Jan 30th