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“Descending triangles” (see descending pattern info here) as with all patterns don’t have a perfect batting average, yet the majority of the time this pattern suggests falling prices will take place.
The Dollar looks to be creating a series of higher lows and may be creating an “Ascending triangle” (see ascending pattern info here) at the same time.
This set up puts Silver in a very vulnerable looking situation…. Very aggressive investors would want to look into shorting silver here or be an owner of ZSL with a stop on this position should Silver break to the upside of the descending triangle.
David…Thanks for the comment. The chart is comparing the Dollar and Silver ETF SLV…I put an incorrect label on the chart and now fixed it. Thanks for the good eyes!
Question why are you comaring SIL vs SLV to the dollar? SLV is the silver miners etf not silver?
Thanks
Dave