Tuesday, 22 February 2011

Correction and bullish flag in silver all in one day? 2011-02-22

Fabulous correction in silver today! A $2 correction and what might be a bullish flag or triangle with apex at $33. As I write at 2:00, the apex os the triange is 3.5 hours away according to my chart (that would be 23:30 GMT london time). Will we get a breakout or what? It could have done enother leg down earlier to do a Fibonacci 38.2% or 50% correction of the breakout from the Christmas high of $31, but it didn't. Instead we got a flag pattern. Wouldn't it be amazing if this entire correction and flag formation happens in only a single day?

I sent the above message to Aland Roger at http://www.kereport.com/

I just looked at my charts again. The silver price is right on the upper line near the apex of the flag triangle pattern.

The apex prices at the midlines of the triangles/flags for silver and gold would be $33.005 and $1402 respectively.

Can't wait!

As I close off this message, silver is off a couple of cents. It is actually sliding right down the upper trendline of the flag! "Sliding down the razorblade of life," as Tom Lehrer said in one of his infamous satirical songs.

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