Downside Pressure

The last update on silver SLV, presented a (potential) measured move target, link here.

At the end of that post, was this:

“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.”

So, here we are.

SLV penetrated support, then moved higher in a ‘spring’ attempt, and is now back to test support levels.

Silver SLV, Weekly

If price action manages to bounce higher from here, moving past the weekly high (64.69), then momentum has shifted to the upside (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