Loading ...Can Silver Invalidate this H&S Breakdown?
The PM field has been hot! Will it and can it continue?
Scenario 1: Da Bull be back… gold and silver will fly high into the sky…
Scenario 2: Bull trap. Silver goes slightly higher to finish a little wedge double hit backtest of this neck shown on the chart above while the Gold to Silver ratio backtests its huge breakout up.
A break above $17ish silver will turn me bullish…
Bob does not follow any rules Sir Chuck
🙂
In my view its a classic false breakdown. Why do I think that? Because as, I’ve been saying for years, the PM cycle is up until the late 2020’s (with a mid cycle correction into 2024). Also, the bowl basing pattern (like gold) is holding and hasn’t been broken – silver price has just bounced off it. Also, it is clear now that we have a Global PM bull market.
If it is a false breakdown, when and if it breaks back above the neck, it’s going to impulse move sooo hard. Be fun to watch that if it happens… I am skeptical but would be pleased for you guys that seem to love these metals like they’re your children/religion 🙂