When silver, gold, and the precious metals industry were red-hot bullish in the 2000’s, investors could do no wrong.
You could buy SILVER at just about any price and it would go higher.
In today’s chart, you can see three large green bullish ascending triangles from the 2000’s that lead to big gains. But that was the bull market before the current bear market.
The tables have turned since the 2011 price top. Silver quickly formed a bearish descending triangle and fell another 50 percent when that broke down. This sent a vicious bear market message to investors.
Now silver has potentially has formed another bearish descending triangle. And the price of silver could stand to decline a large percentage if support fails to hold again.
Support has not been taken out at the 25% Fibonacci retracement level. Needless to say, this is a big support test for Silver!