While many people have started to turn bullish on 
SLV, stating it's undervalued (which it very well may be), looking at the chart tells a different story. If you zoom out, SLV looks to be correcting still.
I see three possibilities in price action from here, and all lead to lower prices in $SLV.
While there may be a squeeze higher in the short term, I can't really see price getting above the $24 level. If we were to reject there, or below that level, it sets up the stage for a sharp move lower, somewhere into the $13-16 range. I've put key levels of support on the chart on the way down. I see this move taking the next 2-3 years to fully play out, and if it does, that would be a great range to buy for the long term as I'd expect SLV to finally breakout of a 10yr+ bear market afterwards.
SLV, stating it's undervalued (which it very well may be), looking at the chart tells a different story. If you zoom out, SLV looks to be correcting still.I see three possibilities in price action from here, and all lead to lower prices in $SLV.
While there may be a squeeze higher in the short term, I can't really see price getting above the $24 level. If we were to reject there, or below that level, it sets up the stage for a sharp move lower, somewhere into the $13-16 range. I've put key levels of support on the chart on the way down. I see this move taking the next 2-3 years to fully play out, and if it does, that would be a great range to buy for the long term as I'd expect SLV to finally breakout of a 10yr+ bear market afterwards.
註釋
Almost to the $16.57 support now. Let's see if we go lower or hold this support for a bounce
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