Last week was a large range week, in which the market broke below triangle pattern
support, and quickly reversed, finishing positive. This is normal. A false break will typically occur in a triangle reaching its apex. It is also possible to interpret this as an Inverse head and shoulders
, with a sloping neckline.
Either way, the measured move target for a long trade will be the purple target, with is also confluence of prior support-turned resistance.
My long-term view is still bearish Silver
, so I view this as a counter-trend trade within a larger decline. I will consider new short positions after the longside target has been reached.