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Silver ETF has struggled with its 38% Fibonacci retracement level over the past year. Of late SLV hit the top of its 18 month falling channel and now is breaking below this flag/pennant pattern at (1) above.
I shared with Premium Members and Sector Sentiment Extreme Members back in October that On-balance-Volume (OBV) was reflecting insider selling in SLV as well as too many bulls 74% (See OBV/Sentiment data here)
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How does this chart fit with the earlier chart indicating that the dollar is going down? If the dollar was going yo go down wouldn’t that indicate a silver breakout? Or would this indicate that the dollar neckline will hold again?
Thanx,
Steve