Silver is trading in yet another Bear Pennant and one that is really a “helper” pattern to its Pipe Top, slightly larger Bear Pennant and bearish Rising Wedge.
Both the Pipe Top and Rising Wedge patterns are confirmed at $34.90 and $34.25 per ounce, respectively, for targets of $30 and $26 per ounce while the Bear Pennant reconfirms at $32.50 per ounce for a target of $27.50. Silver’s newest bearish aspect confirms at $31.65 per ounce for a target of about $30 per ounce as well.
Most bearish about silver’s chart, however, is its Descending Trend Channel that will try to pull silver down toward its bottom trendline at some level between $22 and $24 per ounce.
Unless silver reverses quickly back above $34.50 per ounce or so on a Falling Wedge in development, all of these bearish elements in silver could work quickly with it seeming likely that the totality will cause silver to fall as much as 30%.
Should this occur, it will have more than proven that silver is set to go sub-$30.
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Silver Is Set to Go Sub-$30
Published 03/19/2012, 12:21 AM
Updated 07/09/2023, 06:31 AM
Silver Is Set to Go Sub-$30
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