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Thursday, August 11, 2011

Silver charts

It's been a while since I've shown a chart.  My best evaluation of Minute and Minuette degree wave structures are shown below.
In short, we are in (C) down on the daily timeframe, and starting a wave iii on the hourly.


As an aside, I noticed that gold is starting to roll over.  I think there could be some good shorting opportunity in gold as well, but right now silver seems the better higher beta play.  I'll re-evaluate after we get the first five waves down in gold of at least minuette degree.
Posted by Waverunner (FractalTrader) at 8:27 AM

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Notation


Wave DegreeMotiveCorrective
Grand Supercycle((I)) ((II)) ((III)) ((IV)) ((V))((a)) ((b)) ((c))
Supercycle(I) (II) (III) (IV) (V)(a) (b) (c)
CycleI II III IV Va b c
Primary((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))
Intermediate(1) (2) (3) (4) (5)(A) (B) (C)
Minor1 2 3 4 5A B C
Minute((i)) ((ii)) ((iii)) ((iv)) ((v))((a)) ((b)) ((c))
Minuette(i) (ii) (iii) (iv) (v)(a) (b) (c)
Subminuettei ii iii iv va b c
Micro((1)) ((2)) ((3)) ((4)) ((5))((A)) ((B)) ((C))