SLV targeted 19.20 after breaking out of the ascending triangle. Now, I have had this target in place on a much longer time frame than is shown here by the ascending triangle. Since HUI was 'best' targeted at 475 and given the wonderful correlation between silver and the miners, the thought was 'if Huey is going to 475, silver is going to 19'.Well, SLV has now broken down below the ascending tri breakout line. I have drawn a black dotted line on this live stored chart from a couple weeks ago. It should really think about holding the SMA 50 and the underside of the triangle or else things can get quite interesting. And not in a good way for most bulls.
Alternatively, maybe we are just shaking out some momos on a gap fill (circled red). Place yer bets, or rise from the table and be happy with the gains presented so far.
