Ill take the honor of updating this chart thread. About two...

Ill take the honor of updating this chart thread. About two months ago I was thinking about my old portfolio and thought to myself "Who were some gold miners I used to be interested in?". Silver Lake was one of them. I did some reading on where they were at at the time and put a small plot down on them at about 0.35c and decided not to worry about it for a while. Well holy moly!

I just happened to randomly buy without looking at my charts much, but the benefit of hindsight now tells me that we were in a fat accumulation zone! Now please bear with me, my charts tend to get a bit messy because I draw about a million lines on there. The vertical lines are lines that I've used to help me draw my elliot waves, and if my calculations are correct (they seldom are) we are coming to the end of a wave 3 on the grand cycle. What does this mean? Well once the price stops running to what I think will be a target of $0.60 expect a slight retracement maybe down to where we are now and then a final leg upwards. to anywhere between $0.65 and $0.75. There are lines of support at both levels so both are reasonable targets but I will remain conservative and keep an eye on things once it hits 0.65.

Speaking from a psychology perspective, we now have fat prophets talking them up, and no doubt the fools as well. Whenever these guys start talking the end of the run is nigh. After being a subscriber to one of those guys early on in my trading life I learnt that these guys always start calling at the top of a run so you know when things are getting frothy. They get what I'll call the "intelligent dumb money" in for the final run which ends up creating a zone to be sold into. That will be a corrective phase on the yellow wave set I've drawn in. Once they've lost money and the rest of us have made some I think it will go for its final leg up.