Silver: Crash, Death Cross Weekly Chart Update!

This COT report displays the Commercial bearish positions without having to think too much about it. Last weeks report they added to their bearish outlook so looking for a bullish wave count would be an exercise in futility.  Even if they shifted to a neutral position it would be better than what we have right now.

With this weekly chart, silver is still under the influence of a Death Cross and silver would have to make a big price jump for this Death Cross to become a Golden Cross.  Good luck with that as when we look at silver with a daily chart, we can see a big gap still open to the downside.

By $14.600 this gap will be closed and could offer support,  at least in the short term.  This is also where a bullish correction could take place, but if silver dips below the bottom trendline at $13.882, then the entire phase since the 2016 bottom will be classified as just another bear market rally from a Cycle degree perspective.

How many fake bull markets has silver had since the 2011 top? Add them all up and we still have one ugly bear market in progress.

I like the wedge I see but I never trust that the flat bottom will hold anything when as this chart can still plunge slice right through the bottom support line.

 

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