OANDA:XAGUSD   Silver / U.S. Dollar
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.


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