Wednesday, March 26, 2008

Possible low pole reversal coming?

One more X and we will have a low pole warning on SLV. Notice the long tail down. Also notice that this occured above the rising trend line. A bullish configuration would form if SLV can recover at least half of that long tail down. About 20-30 cents on silver will do the trick.

There's been a lot of concern about the correction in PM lately. While it's never fun to watch your position go down I can assure you that the real worry is not having a position. Before this is over all these corrections are going to seem trivial. Just look at a 5 year chart of silver. The corrections back in 03 and 04 hardly show up on the chart. When I say that all timing mistakes are going to eventually be corrected by the bull I'm not kidding. So there's no need to beat yourself up if you happen to enter too late in a cycle. There is a need to beat yourself up if you don't get in and stay in. Well that is unless you want to miss the opportunity of a lifetime.