Silver Parabola’s & Consolidations

Commodities / Gold and Silver 2011 Aug 09, 2011 - 03:19 AM GMT

By: Willem_Weytjens

Best Financial Markets Analysis Article Please have a look at the next charts, that show us what happened after a silver Parabola burst.

Chart created with Prorealtime Charting Software

The following chart is an updated version of THIS ARTICLE.

We took the 1993 low of $3.50 as the 0% Fibonacci level and then drew several Fibonacci Retracement levels, whereby the 38.20% levels coincided with the consolidation levels. We can see that after the 3 previous peaks, price always retreated at least to the 50% level. The current correction was halted at the 61.80% level.

Chart created with Prorealtime Charting Software

As the charts above show us, when a parabola bursts, it takes time – a lot of time – before the next leg up begins.
Will this time be any different, or are silver prices headed for more correction?

To find out, visit www.profitimes.com and follow us on Twitter for the latest posts

Willem Weytjens
www.profitimes.com

© 2011 Copyright Willem Weytjens - All Rights Reserved

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