Silver Remains Set to Get Slammed
Abigail Doolittle | Mar 16, 2012 01:51AM ET
Silver remains set up to get slammed with the small possibility that an unmarked Falling Wedge in development rescues silver from its Pipe Top and Bear Pennant.
Relative to the fulfilling Pipe Top, it carries a target of $30 per ounce while the confirmed Bear Pennant carries a target of $27.50 per ounce.
Reasons to believe these patterns will succeed in carrying silver down include the fulfilling Falling Wedge in blue and to such a degree that silver is well below the possible Ascending Trend Channel that it could have been chosen over the Rising Wedge that carries a target of $26 along with the large Descending Trend Channel that will try to pull silver down to $22 to $24 per ounce.
Unless silver can rise above its last high at $37.55 per ounce, silver remains set to get slammed.
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