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Daily Digger - Friday Dec. 17, '04


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Bearvest what are your downside targets for Silver for this move down?

 

Trader:

 

I'd expect a total retest of the lows at $5.45.

 

Assuming that the current action is an abc correction, the A wave decline is 1.62.

 

So far, we've rallied in a bear flag to 6.93. Deduct that 1.62, and you've got 5.31.

 

Simply take a look at the April Fool's rout to see if it's possible.

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POG continues to look much stronger than HUI IMO. I continue to prefer a rotation into GLD during this pullback. With POG tied so directly to Uncle Buck and Buck's charts being easier to read at present I'm paying more attention to the dollar charts for signals.

POG chart looks very healthy. The dollar charts look like a consolidtion before it's next downturn.

POG 520 by March/April.

post-163-1103510109.png

post-163-1103510120.png

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Thanks bearvest. The only concern I have is when a high and a low are quickly set at or near an apex. Leaves the question is the apex relevant to the high or low. Here's another updated chart showing another apex and channel.

Silver - another possibility...

 

Interesting chart, Lady T. It's more consistent with cycles than my E.W.

post-1351-1103523323.jpg

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