For those of you that have been following my blog over time, know that I do favor "Point & Figure Charts" over the typical Bar Charts. The reason being is that on a "Point & Figure Chart" the various stages are much more easily defined than on "Bar Charts." What do I mean by stages? Stage 1 is the accumulation phase. Stage 2 is the advancing stage. Stage 3 is the distribution phase. Stage 4 is the declining phase. All stocks go through these stages.
In regard to $SLV, one can ascertain that it is either at the end of Stage 4 and, just maybe the start of the accumulation phase (Stage 1). If Stage 4 is not complete, $SLV does have a downside price object (PO) of near $8. As I write this post, $SLV is slightly below $15. Now, I am not saying that $SLV will reach $8. I am only providing you with what the chart is indicating. By the way, the formation that is "circled" is a "Bearish Triple/Spread Formation," which is very bearish. However, my experience with this type of formation late in Stage 4 is that it might be a "false flag signal." That is why I will be tracking $SLV very closely.
In regard to $SLV, one can ascertain that it is either at the end of Stage 4 and, just maybe the start of the accumulation phase (Stage 1). If Stage 4 is not complete, $SLV does have a downside price object (PO) of near $8. As I write this post, $SLV is slightly below $15. Now, I am not saying that $SLV will reach $8. I am only providing you with what the chart is indicating. By the way, the formation that is "circled" is a "Bearish Triple/Spread Formation," which is very bearish. However, my experience with this type of formation late in Stage 4 is that it might be a "false flag signal." That is why I will be tracking $SLV very closely.
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