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From the early 2000’s to 2011, Silver continued to create bullish “Ascending Triangles” as it rallied from $4 to $50, highlighted in green above. After peaking at $50, Silver has started creating the opposite pattern, a “Descending Triangle!”
Silver could be creating another descending triangle at the black arrow above.
At the same time this pattern is forming, the lower right chart reflects that Silver traders have amassed a very large bullish position over the past couple of weeks. Currently positions are hitting levels where Silver has peaked in prices over the past couple of years.
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