Ever since silver hit the channel top in 2011, price of silver has been engaging in this long term downtrend channel.
To aggravate the bleakness, a descending triangle (larger one) was formed inside this downtrend channel-(liken to putting salts on a wound/adding fuel into a fire).
Consequently, the price broke down of the long term uptrend channel bottom and after 6 weeks, the descending triangle bottom was broken too! No room for negotiation from the bears!
History does at least repeat twice!!! After hitting the downtrend channel bottom, yet another descending triangle formed again. Identically, that broke down has no room for discussion from the bear.
Now, the price at about to hit around 16.4 as i see it, either price will find minor support and then re-test the triangle bottom resistance before plunging to the channel bottom, OR, 16.4 isn't strong enough to support, and price goes straight for around 13.0 depending on the speed of price action and time.
To aggravate the bleakness, a descending triangle (larger one) was formed inside this downtrend channel-(liken to putting salts on a wound/adding fuel into a fire).
Consequently, the price broke down of the long term uptrend channel bottom and after 6 weeks, the descending triangle bottom was broken too! No room for negotiation from the bears!
History does at least repeat twice!!! After hitting the downtrend channel bottom, yet another descending triangle formed again. Identically, that broke down has no room for discussion from the bear.
Now, the price at about to hit around 16.4 as i see it, either price will find minor support and then re-test the triangle bottom resistance before plunging to the channel bottom, OR, 16.4 isn't strong enough to support, and price goes straight for around 13.0 depending on the speed of price action and time.
