Silver Fibonacci Intermediate Targets Completed
After achieving profit objectives set in early January, Patrick MontesDeOca, CEO of the Equity Management Academy, today predicted a retracement in the silver market based on Fibonacci analysis and the Academy’s proprietary VC Price Momentum Indicator.
In an article on Trader Planet in early December, MontesDeOca recommended his subscribers to buy silver. Since December 20, silver has risen from $15.68 to $17.8750.
“We have pretty much captured a $2 move,” MontesDeOca said. “Our expectation for this move was $2.50.” However, he said, based on the VC Price Momentum Indicator, which indicates major turning market points, “We might have seen an intermediate to short-term high in the silver market at $17.8750.”
The VC Price Momentum Indicator is strictly a mathematical formula, unaffected by chatter in the media or on the Internet.
The Indicator shows, MontesDeOca said, “If the market closes below $17.80 for the week, we should be looking for a correction. It’s a pretty compelling picture of harmonic timing, with all of the daily and weekly indicators aligning, which suggests there is a high probability that when the price reaches these levels, traders should take profits.” There is, he said, “Significant potential for a correction.” He predicts that silver could test the $17.59 level, with $17.47 the lower level.
“The magnitude of the rally,” MontesDeOca said, “pretty much fulfilled the profit objective for this leg,” which started in December. “We could be going into a second-wave correction and that could lead down to $17.12 to $16.76 once again.” The market could move down to $15.76, which would be a 50% Fibonacci retracement. Below that, he said, we are looking at a 68.1% retracement to $16.50. The VC Price Momentum Indicator suggests that prices have activated the weekly lower levels of $17.12 to $16.75, “with a high probability of $16.75 being reached over the next several weeks.”
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