Inspiration can come from unexpected places. I was trading silver (SLV) in late June and early July and at some point on July 1st, around the time silver ripped another +5%, I thought to myself, ‘this feels like 2011 all over again’.
In miniature, of course. Fractals are repetitions of patterns / sentiment / behavior in different timeframes.
Initially I thought silver could go higher, but I watched as a topping pattern just like 2011 developed over the next month. It was quite strange to watch my expectations play out on the chart in real time. It was clear a correction was due.
On August 3rd I wrote the article, ‘Silver Topping Like 2011?‘ and included this chart and a $17.5 target in the next three months:
Four months later the repetition is still continuing and although the similarities aren’t perfect, it’s worth updating the chart: