Silver: Immediate Term Ascending Triangle
May 10th, 2011Warning: This is not a recommendation to buy, sell or hold any financial instrument.
Update: Yee Haa!
$38.18.
—End Update—
A bullish symmetrical triangle has formed inside a larger quasi ascending triangle. A lot of pressure is building underneath resistance at $37.96. It definitely sees the lines on the symmetrical triangle, so we’re within minutes to hours of a breakdown of that triangle or a third try to break out of $37.96. If it clears $37.96, the next resistance is $39.44, which the 38.2% fib retracement of the recent route from the high around $50. I’ll sell half my calls on SLV into that 38.2% fib level.
Spot Silver, 15 Minute Interval
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