| Silver: A market poised for a breakout
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Silver is building a sort of a descending wedge. A break of the wedge to the downside could lead to a straight shot down to 27. A break to the upside could lead to a target of 34. Regardless of which direction the break occurs, the target is 15000.00 per contract (SI) or 3000.00 per contract (YI - Minis). Right now though, it is chip-chop city - a condition that eventually leads traders to ignore a market. However, that is the time to start to keep a closer eye on things - Good breakouts tend to occur when you least expect it. |
| Crude: Fake upside breakout followed by vicious downside...
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Crude spent the last few months creating a giant triangle. Last week, it made a convincing upside breakout only to FAIL and careen through the lower trendline. At this point, any move back to the 5 SMA is a SHORT for a scalp. This short opportunity may set up on Tuesday. I suspect that Monday will be a day spent in consolidation - anyone that likes to do counter-trend intraday trades should be in heaven on Monday.
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