Silver is breaking lower today, and looks like it will close below the “neckline” (NL #1) of a bearish Head & Shoulders formation, with a price target of approximately $14.25 for SLV.

Bulls do have a sliver of hope in that the October low can be used as a benchmark for drawing another neckline (NL #2) – with support at about the $15.58 level basis SLV.  However, since today’s negative price action will also correspond with a bearish crossover in the MACD indicator, and bearish MACD Histogram signal, I’m inclined to consider the break below NL #1 today as valid, with the trend now breaking in favor of the bears.

Next in line then, is the (green) 2-Year trendline which may offer support right about where a couple gaps still remain open from the July bottom, so that looks like logical price target for SLV in the short term.

Stepping back for a longer term view – I recently posted the following chart – stating that, if the symmetrical triangle is drawn as shown,  it seems SLV is destined to fall to the green trendline – which would actually be a bullish scenario, chartology count-wise,  if Silver can find support there.