New Moon Silver
It's new Moon again and I am checking the Silver.. what happened since my last note, Aug the 3rd
On the graph below we can see that the top of March 3 was not reached, not even after 5 tries. So, being blocked to the upper side, it had no choice but try the other way, and fall on July 14 till August 15th by 33% ! Now weren't the shortists lucky ??
The 14th of July was the last top, and the Silver hit 19.50. one month later it made a bottom at 12.74.
In the graph I used MA 160, when MA 34 crossed it, the silver broke down too.
The Point & Figure chart shows a " buy signal, X above X
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Should we follow the P&F chart ? Well, maybe, but with a very tight stop at 13.30. Should this level break, the next stop will be the bottom of August 2007; 11.56.
Targets to the upside : 14.36, 14.89, 15.76, 16.32
Good trading!
.Aug 30.08
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