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As noted recently, silver looks very nice on this short entry. It touched the upper wedge line, and then close back below the high from earlier in the month where we got stopped out. On this entry, we now have nice daily chart bearish divergence on the technicals, with the weekly trend weakening and soon to turn down.
Again I expect an aggressive decline here, that should proceed to the 26 level on SLV before a major rally attempt, so I will likely suggest exiting this short at the 26 level, though the overall context of the markets suggests to me that the decline will continue below that level before whatever bear phase is coming is complete. What would probably be prudent is to exit half the position at 26 with a breakeven stop on the rest, and wait for any rally attempt to fail and break to new lows before lowering the stop on the rest.
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