12 days ago the “Power of the Pattern” reflected that a great price point was at hand to short Silver in the “Hi Low(er) Silver post and suggested aggressive investors would want to pick up shares of ZSL. (see post here)
CLICK ON CHART TO ENLARGE
The first flag/pennant pattern saw SLV lose over a third of its value in less than 2 weeks.
Suggested to short Silver at (1) in the above chart and so far the breakdown in SLV and SLW are reflecting that long investors in Silver are along for a very rough ride!
Ole Doc Copper/FCX was sending a bearish message last week in the metals complex (see post here) and a similar message is being sent again by SLV/SLW, per global softness is at hand.