$SILVER (6-HOUR): adding SIZE to my LONG right there:

The quoted #Silver 4-hour chart shows a text-book inverted HEAD & SHOULDERS that played out perfectly and reached its $53.6 target.

I usually take profits on text-book breakouts, but this asset is an exception as I have higher targets in mind.

The attached 6-hour chart shows a correction that started after markets closed last Wednesday, followed by a wider market correction. Top stocks were bleeding heavily as well.

So many “traders” are calling this a DOUBLE TOP and they are just wrong.

Way too early imo, as SILVER is likely in a clear WAVE 5 rally during a re-accumulation phase (hence the rectangle with a breakout point at $54.5 and targeting $65.1). WAVE 5 on the daily, 12-hour and 6-hour charts. I like this confluence in EW.

RSI is oversold now, just like it recently was at the bottom of the inverted H&S. The 50 MA is acting as dynamic support at $49.6, and the 200 MA at $47.4 can be used as an invalidation point for my bullish thesis.

A dip to $47 would be fine as long as it gets bought up quickly. I will add to my long with conviction between $47 and $50.

Take-profit levels from my previous SILVER post remain unchanged.

$50 is dirt-cheap and people will realise it soon.

👽💙