Same Target, Different Method

The last update on Silver (SLV) was back in April, link here.

This past week’s action had SLV, breaking down from a wedge, targeting a measured move (not advice, not a recommendation).

The April link above, contained the prior ’08 meltdown scenario as an example, targeting a 60% decline; 43 – 44 area (not advice, not a recommendation).

Now, the wedge formation, targets ~46 (not advice, not a recommendation).

Silver ETF SLV, Weekly

We can see the breakout to the downside.

However, we’re near support levels; penetrating those would technically put SLV in Wyckoff ‘spring’ position.

That would imply some upside testing before continuing lower (not advice not a recommendation).

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279