SLV daily - likely continuation of the drop
SLV is at top of the huge symmetrical triangle. A few days ago it break down from a rising wedge which is a bearish pattern. On 23 and 24 it restest trending of that rising wedge, but support became resistance, and SLV got rejected hard. At the moment SLV is making a bear pullback will nice opportunity for a further drop.
Volume is confirming price fall as the last several down days were followed with much bigger volume than during the up leg.
SLV is between major MA which indicates on likely stronger move pretty soon.
RSI still has bearish negative divergences which are bearish.
MACD histogram is ticking lower and it also has negative divergences.
Overall: SLV will likely drop more. The first major support is 50 days MA but real support will be BigRed or 200 days MA. Only a strong move up on strong volume, break above 20 days MA, and trend line would indicate for new leg up. However, RSI and MACD should first cool down to whether more momentum for that, otherwise it would only create even stronger divergence.
Volume is confirming price fall as the last several down days were followed with much bigger volume than during the up leg.
SLV is between major MA which indicates on likely stronger move pretty soon.
RSI still has bearish negative divergences which are bearish.
MACD histogram is ticking lower and it also has negative divergences.
Overall: SLV will likely drop more. The first major support is 50 days MA but real support will be BigRed or 200 days MA. Only a strong move up on strong volume, break above 20 days MA, and trend line would indicate for new leg up. However, RSI and MACD should first cool down to whether more momentum for that, otherwise it would only create even stronger divergence.
Consistency is the key of success....