The short answer is, probably not.
Is anyone looking at the technical condition? No, it’s all about ‘putting it to the man’.
In all of Wyckoff’s writings, he never once proposed the idea of taking the large controlling entities for a ride.
He was totally immersed in figuring out what those entities were trying to accomplish; then getting on the right side of the trade.
For all we know, the whole hedge fund blow-up, kabuki theater could have just been a sacrificial lamb (an inside job) targeting silver for a massive short opportunity.
How’s that for strategic thinking.
Right now, in the pre-market, SLV is right at new recovery highs.
The real question should be, ‘how long can the hype last?’
Can it finish the week at new highs and post a bearish divergence on the weekly MACD?
Price action itself will decide. What we do have, is risk being removed on the short side.
Inverse fund ZSL is down a stiff -21%. If there is a short, that’s the one to watch (not advice, not a recommendation).
It’s important to note, GLD is nowhere near a +10% move. It’s a non-confirmation on silver.
Separately, the overall markets are trading higher but appear to be under their prior session (daily) highs … indicating a short position in those markets is still viable.
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