Another week, another liquidation break in May Silver. Unlike the break two-weeks ago, the main trend according to the swing chart turned down today when the main bottom at $32.72 was broken.
In addition to breaking this bottom, the market is also trading on the bearish side of the 50 percent price level of the $26.27 to $37.58 range. This price level is $31.92. The next downside target is the Fibonacci price level at $30.59.
An additional downside target is the uptrending Gann angle from the $26.27 bottom at $30.35 today. Combined with the Fibonacci retracement target, May Silver may trade $30.59 to $30.51 on March 19th.
Although the main trend is down, the market is down 10 market days from the top which makes it ripe for a short-term reversal. One is not forming yet, but short traders should be aware of the current set-up so that they don’t get caught in a bear trap.
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Trend Down, Silver Headed Lower
Published 03/15/2012, 08:48 AM
Updated 05/14/2017, 06:45 AM
Trend Down, Silver Headed Lower
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