I cannot state strongly enough how potentially damaging last few weeks action on Silver was.
After a dip below the weekly 900, to long term support at $14, a long drawn out battle was waged to finally reclaim it, and then it was back tested, and Silver looked poised to begin a bull run.
But that was all DESTROYED over last few weeks.
This now looks like a classic breakout/fakeout attempt and then complete breakdown that most likely leads to an extended decline.
200 week MA now about to turn down through the 900, as Momo goes through zero line downside.
Has the earmarks of a decline just beginning, not ending...
16.50 is now likely to be extreme resistance...IF...Silver even back tests it.
The 70s run in Silver did not see anything like this action
Another chart worth watching over next few weeks is Copper.
BIg Ol' Hangin' Turd formation below the weekly 900/200.
If it drops into the bowl with big swoop down towards 2 over next few weeks, or worse yet, below 2....will start to look like PL is leading again...
Only a massive green candle back over $2.75 could save things here.
Odds are a big candle dead ahead in any event.
Edited by K Wave, 14 March 2020 - 01:18 PM.