Year’s theme: Very bearish overall, however there may be a significant move to the upside near mid-year.
Behavior around the high: A U-shaped dip forming between the intersection of two perpendicular diagonal trend lines.
Behavior around the low: A notable decline to reach the low. Out of the low, there’s a movement from the bottom of a range to the top of a range.
Trade opportunities:
A trade opportunity at a support level that we’ll rotate sideways along in March.
A swing trade opportunity at the high in April.
A swing trade opportunity around the month’s low in mid-August.
A swing trade opportunity when we’re rotating along key support in late August.
A swing trade opportunity when rotating sideways along key support in early September.
Swing trade opportunities around both the low and high for November.
A significant trade opportunity around a brief peak in late December.
Overview
January:
In January, we have a critical price level highlighted. Volume and volatility start to flatten out around this price level. There may be some sort of decision or agreement, likely around the high. There’s a price level around the high that offers an opportunity to position oneself in both directions and set up a straddle/strangle on a one-year chart. We’ll have an unexpected move higher out of the low. At the end of the month, it looks like we’re moving into a decline and breaking down through a support level that was recently broken down through, likely in the last quarter of 2022.
February:
It looks like we’ll see a rally in the first week or early in the second week of February. This rally offers a good opportunity to position oneself for a downturn. There’s a failed attempt to break through key resistance and a decline through key support on at least a one-month chart. There’s also a swing trade opportunity at this point involving a notable move to the upside reaching for distant resistance on a one-month chart. Around the low for February, we have a period of volatility that ends with a fast, sudden move higher.
March:
In early March, we’ll decline from a support level that we were rotating sideways along. There’s a trade opportunity at this support level. Around the high, there will be multiple headwinds pushing silver lower. There’s also a decline off of the high through multiple support levels on a one-year chart. We’ll have a move higher out of the low that will stand out and create a minor crest on a one-year chart. This will be a crest around the end of March and possibly into the beginning of April. There’s an important resistance level highlighted in late March.
April:
We rotate sideways along the resistance level that we saw at the end of March. It looks like the low for April may take place in the third week. There will be sideways rotation around the low and then we rise to meet the nearest critical resistance on a one-day chart. We’ll then fall back down and continue rotating along that support level. There’s a prominent trough that will stand out around mid-April. We’ll see the high toward the end of April. There’s a swing trade opportunity at the high. At the end of April, we have a move higher through resistance on at least a one-year chart. We’ll stay above that resistance level briefly and then break back down shortly thereafter with a full retracement. There’s a year’s high toward the end of April.
May:
In early May, there’s a prominent low that will stand out on a one-year chart. The low forms within a rally along a diagonal trend line that breaks down with increasing volatility on the way down. The low for May will be within close proximity to the highest high for the year. Out of the low, we have a notable move to the upside reaching for distant resistance on at least a one-month chart. The high for May will form when we have the halting of a bullish trend marked by a notable decline through a key support level on a one-year chart. There’s a rally that commences off of a period of sideways rotation toward the later part of May. In that period of sideways rotation, there’s a sharp dip. We revisit a support level that was recently a past opportunity. The rally into a year’s high is either in May or June.
June:
To reach the month’s high for June, we have a move out of oversold territory or to fill a previous gap down on the scale of a three-month chart. There’s a breakout to reach that high. Around the low, we’ll see erratic behavior back and forth through the same price level, and we’ll revisit a crest in the midst of that erratic behavior. Around the end of June, we’ll have a failed attempt to break through key resistance. Technicals will lead us to believe that we’ll break out through this resistance level. Instead, we fake out and decline through a key support level on a one-year chart.
July:
The low we see in April will likely be the same low in July. We have a prominent low for the year in July. There’s a move higher that will stand out on a one-year chart followed by a full retracement in late July. It looks like there’s a month’s high or crest toward the end of the month. A decline out of the high offers an opportunity to open up a long position.
August:
In early August, we’ll have multiple failed attempts to break through key resistance on a one-year chart followed by a decline through multiple support levels on a one-year chart. There’s a correlation to a rally along a diagonal trend line where we break through horizontal resistance, meet a secondary resistance, and then pull back to somewhere between those two price levels. It looks like we have a prominent trough or month’s low in mid-August. There’s a swing trade opportunity around the month’s low involving a cash-out opportunity when we’re rotating sideways along key support. It looks like that cash-out opportunity will be toward the end of the month. After a failed attempt to break through key resistance, we decline to meet a new key support level. There’s also a male ruler highlighted around the month’s high and a swing trade opportunity when we’re rotating sideways along key support. Around the month’s low, congress will be highlighted, and there’s a holding pattern with a notable move higher followed by a sharp decline back down.
September:
I’m advised to open up some protection around either late August or early September. There’s a prominent low for the year in early September. There may be some issue at this point related to climate change or some sort of natural disaster. There’s a swing trade opportunity here when we’re rotating sideways along key support. Around the month’s low, we’ll hit a critical resistance level. There’s a notable amount of volatility that increases after meeting that resistance level. We’ll see a failed attempt to break through resistance and then we’ll decline with increasing volatility as we move into the end of the month. There’s a notable move higher to reach the month’s high in September in the midst of seemingly overwhelming headwinds.
October:
In early October, we have a lot of price movement. I’m advised to open up some protection around a peak or crest in the midst of a big move higher in early October. We’ll then see some profit taking from that overbought peak or crest. There are some sideways bullish price swings around the high for October. I’m advised to follow my gut instinct in the second week. It looks like there will be a decline that commences at the upper end of a range on a one-month chart. Out of the low for the month, there’s a notable move higher. It seems like we’ll probably decline into the end of October. We’re bound by a notable range to both the upside and the downside around this time.
November:
There’s a trade opportunity in early November. The low will likely be mid-November. Out of the low, we’ll have the halting of a bullish trend marked by a sharp decline off of a peak or crest that will stand out on a one-year chart. There’s a swing trade opportunity around the low. When we meet the month’s high, we decline to and through a support level to meet another support level and then rotate sideways along that support for a bit. There’s also a swing trade opportunity around the high for November. We’ll then break down through multiple support levels on the scale of at least a one-month chart.
December:
We’ll have a higher high in December than we had in November. There’s a prominent crest in December that we’ll sell from. We’ll sell down to and through a support level on a one-year chart from that high or crest. This is followed by a U-shaped reversal back through that support level where we then reuse it as support. There’s a period of volatility in early December and a sharp drop in that period of volatility that will stand out on a one-year chart. The month’s low will form after a brief peak and a sharp drop off of that peak. That brief peak presents a significant trade opportunity.
Sneak preview:
For 2024, we have sideways rotation that ends with a notable move to the upside that reaches for distant resistance on at least a one-year chart if not a multi-year chart.
Comments