Ruh Roh Silver… instead of Hi Yo Silver!

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Silver ETF has struggled with its 38% Fibonacci retracement level over the past year. Of late SLV hit the top of its 18 month falling channel and now is breaking below this flag/pennant pattern at (1) above.

I shared with Premium Members and Sector Sentiment Extreme Members back in October that On-balance-Volume (OBV) was reflecting insider selling in SLV as well as too many bulls 74% (See OBV/Sentiment data here)

One Comments

  1. How does this chart fit with the earlier chart indicating that the dollar is going down? If the dollar was going yo go down wouldn’t that indicate a silver breakout? Or would this indicate that the dollar neckline will hold again?

    Thanx,

    Steve