Sunday, August 21, 2011

SLV Stopped Out

The SLV short was stopped out at 41.25. It actually looks like a more solid technical analysis set-up is forming right now to attempt this again. The rally up in silver the last few months now appears that it will be a large rising wedge before another large decline. There is daily chart bearish divergence now on this new rally high, whereas we only had solid hourly divergence on the last entry. If the breakout above the recent 41.20 high fails and the market close back below there with a daily stochastics or MACD bearish cross, I'll post a new short entry.

Also, check out the next post, which highlights some similarity to the current market phase and the blowoff top in oil in 2008.

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