SLV Charts

Here they are, mind you the longer term is VERY reminiscent of GLD, I just have a little cognitive bias against SLV because of the years of manipulation by one Ms. Blythe Masters who works for one, Jamie Dimon, who were hauled in to court for blatant silver manipulation after they did the F_E_D a favor in 2008 and absorbed Bear Strearns and with that, Bear's large silver short.

Of course the case was dismissed, JPM has friends in high places, namely the Treasury and the F_E_D so they got away with it, but I can't imagine nearly 5.5 years later they haven't managed to cover that position.

 I'm sure you can guess what this is, GLD has one too, although there's slightly different price action the last two days. The orange arrow represents a sort of churning/capitulation event at support, on significant volume, the pop from there has been on declining volume and these are the first two days of the New year so they aren't the low volume environment of pre- New year's. Also note the candlesticks of the last two days, yesterday's is more or less a star (reversal candle) with a longer upper wich (higher prices were rejected) and today is a total loss of momentum, imagine a roller coaster sppeeding up a vertical incline until it slows to a stop and reverses back downward like Superman (roller coaster I believe at Six Flags).

1 min chart, no notation needed.

Intraday 1 min chart, just pointing out the flat range.

2 min 3C chart, again no notation needed.

2 min closer view.

10 min, it looks like SLV will likely be a decent long position, but probably not before a quick move toward the lower end of the range and if concepts/market behavior remain consistent, then a move below the range as a shake out of any early longs would be likely as a head fake move and a source of momentum to breakout of the range.

I would be careful, there are nice divergences, but this is not a chart that is gravely ill, they are short term indications of the most probable move toward the downside which is indicative of a larger , more bullish view. Be careful, very speculative.