“Now look at the role of the Fibonacci fans coming from 2011’s top. Here too, the movement has been more than perfect!”
On this weekly silver chart dated 8/11/2019, first have a look at the Fibonacci’s fans (in red), which fall from the 2011 peak.
I erased those that have already been played, because my software crashes, when there is too much of them in logarithmic scale.
Now, focus your attention on the green line. It starts from the low point of July 14, 1997, when Warren Buffet started buying silver, causing the 97-98 mini-rally.
We note that this support has played an iterative role over the last 20 years, particularly in 2005-2006 and in 2008.
The next graph is only the enlargement of the current period.
Look first at the role of the 1997 axis and the essential role it had played since December 2018.
The prices have just made a pull-back on this old resistance of early 2019, in a perfect way.
Now look at the role of the Fibonacci fans coming from the 2011’s top. Here too, the movement has been more than perfect!
Finally, you can see that on Friday 8, the low point was made on the support (dark green) of the canal.
Silver is now able to bounce back to attack the Fibonacci fan at $ 19.2 and should pass the $ 20 level before December 31s