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Best looking pattern Silver has created in 30-years at hand now?
Before we look at today, lets step back two years…..The Power of the Pattern shared with premium members the chart above one year ago this past month, reflecting that Silver was breaking down from pennant pattern at the top of a falling channel, which was bearish at the time and investors could take advantage of this pattern by shorting silver. (see post here) Silver has lost a third of its value since that post.
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Best looking pattern Silver has created in 30-years at hand right now? Is that like saying “beauty is in the eye of the beholder?” I think it is!
Silver has had a rough couple of years, losing over 50% of its value after creating what looks like a double top, 30-years apart. The decline has taken Silver down to its 38% Fib support level (this is a 30-year Fib level), testing a 10-year support line for the first time and very few believe in Silver right now (26% bulls & massive short positions are in place).
If you believe in buying on support with a stop below support…this price/pattern situation in Silver that is at hand right now, hasn’t happened many times over the past 30-years.
As the Lone Ranger states above….“Silver….you need to get going now” because a break of this support would not be good for Silver from a long-term perspective!!!
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