And There It Is!

Just an hour and a half ago I warned about SLV looking like it wants to test the $30 support, it's also why I have been tepid about a long Silver trade until this level can prove itself to be solid.

Here's the recent chart just taken.

I forgot to mention the false breakouts that we've seen for months around patterns like this triangle for our new members, those of you who have been here for awhile know to expect a bit of volatility and false moves around these patterns. In any case, in yellow, that's exactly what we saw, a false upside breakout and what happens to failed moves? they reverse quick and hard in the opposite direction. Look at that sell-off in SLV and this is a 1 min chart. Look at the volume on the sell-off and note the price level-$30.04 from an intraday high of $30.44. So the Silver battle between the vigilantes and JP Morgan looks like it's still on, this is why I cautioned to go easy into the trade-it needs to prove itself and today's performance in the afternoon is not inspiring a lot of confidence as of now. Also note in the last chart posted (click the link above to go to the last post) 3C was telegraphing this test with negative divergences.