The Phaserl


Silver Losing its Grip on the Recent Uptrend

from Elliott Wave Technology:

Though still rising (for now) amid higher-highs and higher-lows, Silver is beginning to show signs of losing its grip on the uptrend established from its December low.

After peaking at $18.50 upon brief encounter with a well-established bearish and declining 200-day average, the dollar-price of silver today is breaching its short-term uptrend line.

Silver must maintain trade above the recent 16.74 pivot low in order to maintain its grip on the uptrend. Failure to do so sets the next support level decidedly at 15.51.

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2 comments to Silver Losing its Grip on the Recent Uptrend

  • tomche

    All you “chartists” and techno folks…explain to me what use is technical analysis in manipulated markets? Someone please explain this to me…
    Sure seems to me that it’s a complete waste of time. In a free and open market with true price discovery – ok. But otherwise, what the hell is the point?

  • Joe

    The point unfortunately is that until it changes- this is the ongoing reality to which we must continually adapt.

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