$SLV, amazing loss in price.

$SLV took another blow today as silver prices plummetted alongside other precious metals.  It's hard to say whether we will see a short-term, long-term, or any reversal.  I must say that it has been a little top-heavy for the last year and was probably due this retraction in price.  Silver bulls are probably willing to average down at these prices, while silver bears who are shorting it will eventually have to cover if they haven't done so.  I would imagine the ultra-bears are betting it will drop another $10 on downward momentum alone.  Any speculation is fair at this point, in my opinion.  I'm favoring those that think we'll at least see a dead-cat bounce on Monday or Tuesday, assuming nothing worse happens in the world this weekend. 

Technically speaking, there is still a chance this will hold to form a bull-flag candle pattern.  The 30-dollar mark is an important psychological support level that will need to stay firm.  In AH trading the silver ETF advanced another 0.20/share.  Whether that's a real gain or not we will see on Monday.  Click on the chart below for a live view.


 

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